Standard & Poor’s confirms 'BBB-' long-term corporate credit rating and ‘ruAA+’ Russia national scale rating on MMC Norilsk Nickel and removed the Credit Watch Negative

MMC Norilsk Nickel, JSC, announces that today international rating agency Standard & Poor’s (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.

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 $8.75 billion, and the ensuing decision by Norilsk Nickel board to buy 7.7% of its own shares from minority shareholders for $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.

ABOUT MMC NORILSK NICKEL:

MMC Norilsk Nickel is a diversified mining and metal producing company, the world's largest producer of nickel and palladium and one of the global leaders in the production of platinum, cobalt, copper and rhodium. By-product metals of MMC Norilsk Nickel include gold, silver, iridium, osmium, selenium, ruthenium and tellurium.

Production facilities of Norilsk Nickel Group are located in Russia (Norilsk Industrial Area and Kola Peninsula), Finland, Australia, Botswana and South Africa.

The Company is rated Baa2 by Moody's Investors Service, BBB- by Standard & Poor's and BB+ by Fitch Ratings.