Fitch Affirms JSC AvtoVAZ at 'B-'; Withdraws Ratings

Wed Jan 15, 2014 10:02am EST

(The following statement was released by the rating agency) BARCELONA/LONDON, January 15 (Fitch) Fitch Ratings has affirmed Russia-based automotive producer JSC AvtoVAZ's Long-term foreign and local currency Issuer Default Rating (IDR) at 'B-', Short-term foreign and local currency IDR at 'B' and National Long-term Rating at 'BB(rus)'. Fitch has also affirmed the senior unsecured rating at 'B-'/'RR4'. The Outlooks on the Long-term ratings are Stable. Fitch has withdrawn the ratings as AvtoVAZ has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for AvtoVAZ. Contact: Principal Analyst Dmitri Kazakov Analyst +7 495 956 7075 Supervisory Analyst Emmanuel Bulle Senior Director +34 933 238 411 Fitch Ratings Espana. S.A.U. 85 Paseo de Gracia 08008 Barcelona Committee Chairperson Frederic Gits Managing Director +33 1 44 29 91 84 Media Relations: Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908, Email: julia.belskayavontell@fitchratings.com; Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com. For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. Applicable criteria, Corporate Rating Methodology, dated 5 August 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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