Fitch keeps Alkimia on watch

Fitch Ratings said it kept Societe Chimique Alkimia's BB(tun) long- and B(tun) short-term national ratings on Rating Watch negative following a resolution by Alkimia's board to postpone a decision on how it will finance the sulfate sodium project until it is effectively granted a concession to mine salt from the government-owned lake Oum El Khialat in southern Tunisia.

The agency previously noted that Alkimia's plan to develop sulfate sodium is likely to weaken the company's leverage and interest coverage ratios to levels inconsistent with its current ratings if a large share of the project's finance is debt-financed.

Fitch said it will monitor the outcome of developments regarding Alkimia's planned sulfate sodium project over the next two to three months.

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