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Fitch upgrades Polyus to BB

Fitch Ratings upgraded Russian gold producer PJSC Polyus's long-term issuer default rating to BB with stable outlook from BB- with positive outlook.

The ratings agency cited Polyus's strong operational performance, reduction in debt levels and improved cash generation ability as the reason for the upgrade.

S&P Global Ratings upgraded the gold miner to BB, from BB-, with stable outlook in November.