Fitch keeps Nizhnekamskneftekhim on watch

Fitch Ratings said it is maintaining OAO Nizhnekamskneftekhim's long-term issuer default rating B, the senior unsecured B rating on its $200 million loan participation notes and the national long-term BBB-(rus) rating on rating watch negative.

The short-term issuer default rating is affirmed at B, the agency said, adding that the recovery rating on the notes is RR4.

The watch reflects Fitch's concerns regarding Nizhnekamskneftekhim's potential need to secure financing ahead of the December 2010 put option on its $200 million loan participation notes.

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