Based on the materials from the company’s official web-site.

On October 9, 2006 Moody's Investors Service upgraded the corporate rating of OJSC MMC Norilsk Nickel (RTS: GMKN) to Baa2 from Ba1, bringing it two notches up into the category of “Investment Grade”. Unsecured issuer ratings were upgraded by three notches to Baa2 from Ba2, while the company’s national scale credit rating was upgraded by Moody's Interfax Rating Agency to Aaa.ru from Aa1.ru.

According to Moody’s announcement, this upgrade recognizes strong fundamentals of MMC Norilsk Nickel. The outlook on all ratings is stable.

Aggregate of all ratings assigned (Fitch – «ВВB-», Moody's - «Вaа2» and Standard & Poor’s - «ВВB-») gives MMC Norilsk Nickel the highest rating among privately owned Russian companies. These ratings reflect the availability of unique resource base and strong financial profile of the company, as well as its leadership on the global markets of nickel, palladium, platinum, copper.