Fitch affirms Sinek

Fitch Ratings said it affirmed OAO Svyazinvestneftekhim's (Sinek) long-term foreign- and local-currency issuer default ratings at BBB- and short-term foreign-currency issuer default rating at F3.

The outlook is stable.

Fitch also said it affirmed the foreign-currency senior unsecured rating on Edel Capital SA's $250 million loan participation notes due 2015 at BBB-. The notes are guaranteed by both Sinek and the Republic of Tatarstan.

The ratings of Sinek are linked to the sub-sovereign rating of the Republic of Tatarstan, given the latter's significant influence over the company, Fitch said.

The ratings primarily reflect direct support from the republic, which includes the Tatarstan government's explicit guarantee, the agency said.

Fitch noted that if Sinek issues new debt, which is not guaranteed by the Republic of Tatarstan, ratings may be significantly lower.

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