Fitch affirms AvtoVAZ

Fitch Ratings said it affirmed JSC AvtoVAZ's long-term foreign and local currency issuer default ratings at B-.

The agency said it has also affirmed AvtoVAZ's short-term foreign and local currency issuer default ratings at B and national long-term rating at BB(rus).

Fitch noted that it has upgraded the foreign and local currency senior unsecured rating to B- recovery rating RR4 from CCC rrecovery rating RR5.

The outlooks on the long-term ratings are stable.

Fitch said that AvtoVAZ's operational results continued to improve in 2011 alongside with the strong 40% Russian car market growth in 2011.

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