Fitch Ratings on Sept. 4 upgraded the long-term foreign- and local-currency issuer default ratings of AO Svyazinvestneftekhim, or Sinek, to BBB- from BB+.
The outlook on the long-term issuer default ratings was changed to stable from positive.
The agency also upgraded the Russia-based investment holding company's short-term issuer default rating to F3 from B.
Sinek, which is fully owned by the Russian Republic of Tatarstan, manages the shareholdings of the Russian republic. The agency expects the firm to continue to benefit from a stable but concentrated inflow of dividends. The agency also noted that a well-established local regulation is supportive of the firm's financial viability.
Fitch also upgraded LLC Sinek-Finance's long-term senior unsecured debt rating to BBB- from BB+.
