Fitch lowers Stirol

Fitch Ratings said it downgraded OJSC Stirol's issuer default rating to B- from B, adding that the $125 million limited recourse notes issued by UkrChem Capital BV have also been downgraded to senior unsecured B- from B.

The issuer default rating and senior unsecured rating, together with the short-term B rating, remain on rating Watch negative, Fitch added.

Fitch said that the downgrade reflects Fitch's concern that Stirol's profitability could be further reduced as a result of natural gas price increase and the overall uncertainty over the direction of natural gas prices in 2007.

The downgrade also reflects the poor quality and lack of timeliness of Stirol's financial disclosure, the agency noted.

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