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Nizhnekamskneftekhim

August 19, 2010

Fitch confirmed OAO Nizhnekamskneftekhim’s rating at B level and assigned “Stable” forecast

Fitch Ratings confirmed OAO Nizhnekamskneftekhim’s ratings as follows: long-term issuer default rating at B level, priority unsecured rating B and national long-term rating BBB-(rus). Alongside with that, the agency excluded above ratings from the list Rating Watch marked as Negative and assigned Stable forecast on the long-term issuer default rating and national long-term rating. Short-term issuer default rating of the Company was confirmed at B level. Rating of repayment of assets on priority unsecured bonds is at RR4 level.

Changes of ratings reflect efficient activities of the Company’s Management in use of production capacities, obtaining access to bank financing and solution of liquidity challenges.

From January to June this year, sale proceeds of OAO Nizhnekamskneftekhim amounted to 44.28 billion rubles which is 1.7 times higher than the results for the same period of the previous year. Meanwhile, proceeds from sales of synthetic rubber increased 1.9 times, i.e. up to 19.2 billion rubles, and reached 43.4% of the Company’s total sales. Net profit of the Company under the Russian Accounting Standards in the first half of this year equals to 3.46 billion rubles versus 407 million rubles of net loss in the previous year. The average utilization rate on primary products was 95% in the first half of the year.

 

 

 

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