Fitch lifts Acron to positive

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

The outlook also was revised to positive from stable.

The agency also affirmed the company’s long-term national rating at A(rus), short-term foreign-currency issuer default rating at B and local-currency senior unsecured ratings at B+ for its RUB 3.75 billion series 04, RUB 3.75 billion series 05 and RUB 5 billion BO-01 series bond issues with recovery ratings of RR4.

The agency also affirmed its local-currency senior unsecured rating of B+ with a recovery rating of RR4 on its three-year RUB 15 billion exchange-traded ruble bond program.

The positive outlook reflects a view that Acron’s operational profile has fundamentally improved as a result of the ramp up of the Oleniy Ruchey phosphate mine to levels sufficient to cover the group’s internal need, Fitch said.

Acron’s lack of vertical integration and full reliance on monopolistic producer OAO Apatit had been a key constraint on the ratings, the agency said.

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