OREANDA-NEWS. September 29, 2011. OJSC MMC Norilsk Nickel (hereinafter – Norilsk Nickel or the Company) announces that international rating agency Standard & Poor’s (hereinafter – S&P) confirmed the Company’s long-term corporate credit rating at the level of 'BBB-' and Russia national scale rating at the ‘ruAA+’ level. The Agency has removed Company’s ratings from Credit Watch Negative, reported the press-centre of Norilsk Nickel.

Credit Watch Negative resolution follows the decision by UC Rusal to reject Company’s offer to buy back 15% of Norilsk Nickel own shares for USD 8.75 billion, and the ensuing decision by Norilsk Nickel board to buy 7.7% of its own shares from minority shareholders for USD 4.5 billion. According to S&P in the absence of a new offer to Rusal, the Company’s currently low debt, strongly positive free cash flows, and fundamentally low cost position should comfortably support the 'BBB-' rating.

Negative outlook on Norilsk Nickel remains unchanged.

S&P would consider revising the outlook to stable if the Company resolves its current shareholding dispute without affecting its financials.