Fitch rates Raspadskaya notes B+

Fitch Ratings said it assigned OJSC Raspadskaya an issuer default B+ rating and a short-term B rating, along with an expected senior unsecured B+ rating and recovery rating of 4 on Raspadskaya Securities Ltd.'s proposed issue of $200 million to $250 million loan participation notes. Ratings are contingent on the receipt of final documents.

The outlook is stable.

The ratings reflect Raspadskaya's position as the second largest coking coal producer in Russia, strong financial profile and low-cost advantages, Fitch said.

The ratings also factor in Raspadskaya's modest diversification across products, geography of sales and customers, the agency added.

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