Russia: Fitch improves Petropavlovsk rating

International ratings agency Fitch has improved the Petropavlovsk Plc long-term rating to B- from CCC, with positive outlook. The improvement reflects the considerable strengthening of the company liquidity due to the refinancing of convertible bonds, paying of $57 million worth of loans by IRC Limited, etc. At the same time Fitch noted that financial and…

Russia: Petropavlovsk to sell IRC

Gazprombank is looking for a strategic investor for the gold-extracting company Petropavlovsk to buy a share in IRC. According to a major Petropavlovsk shareholder Kenes Rakishev, who owns 22.42% in the company, a major steel company could be such an investor. He didn’t give any names though. At the same time the sale will be…