...Fitch Ratings upgraded PJSC Polyus's Long-Term Issuer Default Rating (IDR) to `BB' from `BB-' in December 2018. The Outlook is Stable. The senior unsecured rating for unsecured guaranteed notes issued by Polyus Finance plc, an indirect 100%-ow ned subsidiary of Polyus, w as upgraded to `BB' from `BB-'. Polyus's Short-Term IDR w as affirmed at `B'. The upgrade to `BB' reflects Polyus achieving Fitch's positive rating sensitivities earlier than previously expected. Funds from operations (FFO) adjusted gross leverage stood at 2.9x at end-2018, slightly below our 3.0x forecast. This deleveraging w as supported by debt reduction on the back of strong operational performance, the Natalka ramp- up and a w eak rouble exchange rate. Polyus is Russia's leading gold producer, w hich benefits from large and increasing output, low production costs and a very high reserve base....
