OREANDA-NEWS. Fitch Ratings has withdrawn Georgia-based Rustavi Azot's (Rustavi) expected Long-term Issuer Default Rating (IDR) of 'B(EXP)' with Stable Outlook.

Fitch has also withdrawn Rustavi's and Agrochim S.A.'s (holding company of Rustavi) 'B(EXP)' senior unsecured ratings with Recovery Ratings 'RR4 as the company has decided not to proceed with its Eurobond issue of up to USD180m, guaranteed by Rustavi and launched in July 2015.

KEY RATING DRIVERS
The company would have been rated at Long-term IDR of 'B' with Stable Outlook if the rating had not been withdrawn. Although Rustavi benefits from export sales diversity and a sound cost position, the ratings are capped in the 'B' category by its small size, single site operations, ownership concentration, and its focus on a single product. The Stable Outlook reflects our expectations that Rustavi Azot's credit metrics would have remained comfortably within our rating guidelines under the current capital structure.

RATING SENSITIVITIES
Not applicable