Fitch: NKNK unaffected

Fitch Ratings says it does not expect OAO Nizhnekamskneftekhim's (NKNK) proposed debt exchange offer to impact the company's current ratings.

Currently, Fitch rates NKNK's long-term issuer default rating at B, on Rating Watch negative, its senior unsecured $200 million loan participation notes at B, on negative watch; its recovery rating at RR4, the national long-term rating at BBB-(rus) on negative watch; and its short-term issuer default rating at B.

"Fitch considers that the bond exchange offer, if successful, would be an important step in removing potential liquidity pressure on NKNK in Q410," said Eldar Aghayev, associate director in Fitch's Corporate group, in a news release. "However, the agency will need to gain assurance that refinancing options are in place in Q110 to meet other potential obligations."

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