OREANDA-NEWS. On April 07, 2008 International rating agency Fitch Ratings upgraded Russia ’s petrochemical company Nizhnekamskneftekhim outlook long-term ratings from Stable to Positive, while affirming company’s long-term Issuer Default Rating (IDR) at B+, senior unsecured debt at B+, short term IDR at B and national scale rating at A(rus).

Agency attributed outlook upgrade to Nizhnekamskneftekhim’scarrying out a capital expenditure program aimed to facilitating integration, economies of scale and developing production of high-margin products. The RAS net profit of Nizhnekamskneftekhim rose 15% y/y to about RUB 3,8bn (USD 154mn) in 2007.

The company’s sales revenue rose 23,3% y/y to RUB 58,6bn. Nizhnekamskneftekhim, based in the constituent republic of Tatarstan , is Russia 's largest producer of synthetic rubber and other petrochemical products.