Moscow, November 5, 2009 – OJSC MMC Norilsk Nickel (hereinafter – Norilsk Nickel or the Company) is pleased to announce that today international rating agency Fitch Ratings (hereinafter – Fitch) confirmed the Company’s investment grade credit rating at the level of 'BBB-' .The Outlook changed from negative to stable.
According to Fitch the Outlook change reflects increase in metals pricing, further strengthening of Company’s liquidity profile, and the agency’s confidence that Norilsk Nickel will be able to refinance its debt maturities due in 2010. Fitch also expects the Company to maintain a conservative stance in terms of costs policy and remain cash flow positive during 2010.
MMC Norilsk Nickel is a diversified mining and metal producing company, the world's largest producer of nickel and palladium and one of the global leaders in the production of platinum, cobalt, copper and rhodium. By-product metals of MMC Norilsk Nickel include gold, silver, iridium, osmium, selenium, ruthenium and tellurium.
Production facilities of Norilsk Nickel Group are located in Russia (Norilsk Industrial Area and Kola Peninsula), Finland, USA, Australia, Botswana and South Africa.
The Company is rated Baa2 by Moody's Investors Service and BBB- by Standard & Poor's and Fitch Ratings.