Fitch affirms Acron

Fitch Ratings said it affirmed JSC Acron's long-term foreign- and local-currency issuer default ratings at B+ and its long-term national rating at A (rus) and its short-term foreign-currency issuer default rating at B.

Fitch also affirmed the local-currency senior unsecured rating for the RUB 3.5 billion, RUB 3.75 billion and RUB 3.75 billion bond issues at B+, recovery rating RR4, and assigned the local-currency senior unsecured rating to the RUB 3.5 billion bond issue due November 2013 at B+, recovery rating RR4.

The outlook on all long-term ratings is stable.

The affirmations reflect the view that Acron's financial profile will offer sufficient headroom to withstand expected supply-driven pricing pressure and support capital expenditure plans in 2012, according to the agency.

The company's liquidity position has improved materially on the back of the market recovery over the past 12 months and Acron was able to tap debt capital markets to refinance upcoming maturities and to fund its phosphate mining project, the agency noted.

Ratings also reflect Acron's progress on the Oleniy Ruchey phosphate project, which remains on time and budget to come onstream in the late first half of 2012, the agency said.

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