Fitch rates Stirol notes B

Fitch Ratings said it assigned UkrChem Capital BV's issue of about $100 million limited recourse loan participation notes an expected long-term B rating.

The notes are issued solely to finance a loan from Moscow Narodny Bank Ltd. (MNB; majority controlled by the Central Bank of Russia and rated BBB-/stable/F3) to OJSC Stirol (B/stable/B).

The obligations of Stirol under the loan agreement will rank at least pari passu with all its other unsubordinated unsecured obligations, except those provided by the mandatory provisions of applicable law, the agency said.

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