S&P raises Russian diamond giant Alrosa rating to BB

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MOSCOW, February 5 (RIA Novosti) - Standard & Poor's said on Tuesday it had raised the long-term credit rating of Russian major diamond producer Alrosa to BB from BB-, with a stable outlook.

The international rating agency said the rating reflected a decision taken at a meeting of Alrosa's shareholders to issue new shares, following which the government of Russia will become the company's controlling shareholder.

Alrosa accounts for 97% of Russian and 25% of global diamond output.

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