Fitch Affirmed Norilsk Nickel at BBB- and removed "Rating Watch Negative". The Outloook is Stable

Norilsk Nickel announces that the international rating agency Fitch Ratings affirmed its foreign currency Long-Term Issuer Default Rating (IDR) at "BBB-" and foreign currency Short-Term IDR at “F3”. The agency has removed the Rating Watch Negative, where it was placed on 15 February 2011, following the Company's offer to UC Rusal to acquire 20% of Norilsk Nickel shares for USD12.8bn. The Outlook on Norilsk Nickel’s IDR is Stable.

Fitch commented that the ratings continue to reflect Norilsk Nickel's core strengths, including its position as the world's leading producer of nickel and palladium, as well as being a significant producer of copper/platinum; and the strong operational profile of its core Russian assets on the Taimyr Peninsula which benefit from industry-low operating costs, a uniquely rich ore body and long-life reserves.