Fitch affirms Acron

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

The agency also said it assigned an expected local-currency senior unsecured rating of B+ and a recovery rating of RR4 to the group's new three-year RUB 15 billion exchange-traded ruble bond program.

The agency also said it affirmed the company's long-term national rating at A (rus) and short-term foreign-currency issuer default rating at B, as well as the B+ ratings on its RUB 3.5 billion series 02, RUB 3.5 billion series 03, RUB 3.75 billion series 04 and RUB 3.75 billion series 05 bond issues, all with recovery ratings of RR4.

The outlook is stable.

Acron's financial profile continues to offer sufficient headroom to withstand raw material cost inflation in Russia and expected supply-driven pricing pressure for its core products, Fitch said, and to support its capital expenditure plans over the next two years.

The ratings also reflect the progress made on Acron's phosphate mining project with the commissioning of the Oleniy Ruchey mine in July and the planned launch of the ore processing operations in the fourth quarter of 2012, the agency said.

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