Moody's upgrades NKNK

Moody's Investors Service said it upgraded Nizhnekamskneftekhim's (NKNK) corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. NKNK's outlook has changed to stable from positive.

Concurrently, the agency affirmed the Baa3 issuer rating of PJSC Sibur Holding, and the Baa3 backed senior unsecured ratings of Sibur Securities DAC.

These actions follow Sibur acquiring certain assets of JSC TAIF, including NKNK, Moody’s said.

“The stable outlook on NKNK's ratings reflects Moody's view, that following the transaction, the company's business profile has improved, however, further positive rating migration would be subject to the pace of integration and stand-alone performance improvements, the agency said.

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