OREANDA-NEWS. Fitch Ratings has today upgraded Edel Capital S.A.'s ("Edel") issue of USD250m loan participation notes (LPN) due 2015 to senior secured "BB+" from "BB".

The agency does not assign a rating to the issuer itself or to any affiliated entities. The notes are guaranteed both by OJSC Svyazinvestneftekhim ("SINEK") and the Republic of Tatarstan (rated "BB+/Outlook Stable/B").

The upgrade of the rating of the notes follows the upgrade of the Republic of Tatarstan's Issuer Default rating ("IDR") to "BB+" from "BB". The Republic of Tatarstan has issued a guarantee to the amount of RUB13bn (equivalent to approximately USD490m) to support the issue.