Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Rating (IDR) of OJSC LSR Group at «B» and changed the Outlook to Positive from Stable. Fitch has also affirmed the senior unsecured rating of the outstanding bonds issues at «B»/RR4.
The change in the outlook reflects the expected deleveraging trend due to the reduction in the working capital outflow and subsequent positive Free Cash Flow generation.
Fitch expects a reduction in the working capital outflow for LSR over 2019-2021, as the company is due to finish the required investments into its largest projects; the associate infrastructure spend for these large scale projects were the main reason for the significant working capital outflows in the past few years.
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LSR Group Press Service