Fitch affirms Polymetal

Fitch Ratings said it affirmed OJSC Polymetal's long-term foreign- and local-currency issuer default ratings at B, short-term foreign- and local-currency issuer default ratings at B and national long-term rating at BBB(rus).

The outlook is stable.

The affirmation and stable outlook reflect the positive progress the company has made in diversifying its reserve base while maintaining a good average mine life at existing operations of about 13 years, Fitch said.

The ratings also continue to reflect its competitive cost position, which is comparable with the world average, the agency said.

The ratings are constrained by the high volatility of gold and silver prices and the high correlation between prices of the two commodities and the sensitivity of company's future financial results, Fitch said.

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