Negative LONDON, Aug. 17 /PRNewswire/ -- Standard & Poor's today lowered its ratings on eight Russian corporates. The ratings on six companies have been cut to double-'C' and two other companies have been cut to triple-'C'-minus (see list below). All these companies were previously rated single-'B'-minus with a negative outlook. All ratings are placed on CreditWatch with negative implications. The rating actions follow this morning's announcement that the Russian government has placed a 90-day moratorium on foreign currency debt repayments of private sector issuers. Although details are still unclear, maturing obligations of at least some corporate issuers likely will be affected (see related press release on the sovereign ratings of the Russian Federation). The rated corporate issuers that have foreign currency debt payments within the moratorium period have been downgraded to double-'C' as a default is increasingly probable. The rated corporate issuers that do not have any foreign currency debt payments during this period have been downgraded to triple-'C'-minus to reflect the substantially increased risk of default following today's announcement, Standard & Poor's said. -- CreditWire REVISED RATINGS TO FROM Almazy Rossii - Sakha Co. Ltd. Corporate credit rtg CCC- B- Rostelecom Corporate credit rtg CC B- Bank loan rtg CC B- Moscow City Telephone Network (JSC) Corporate credit rtg CC B- Senior unsecured CC B- OAO Lukoil Corporate credit rtg CC B- LukInter Finance B.V. Senior unsecured (Gtd by OAO Lukoil) CC B- Mosenergo (AO) Corporate credit rtg CC B- Mosenergo Finance B.V. Senior unsecured (Gtd by Mosenergo (AO) CC B- Irkutskenergo, AO EiE Corporate credit rtg CCC- B- Senior unsecured CCC- B- Tatneft (A.O.) Corporate credit rtg CC B- Tatneft Finance PLC Senior unsecured (Gtd by Tatneft AO) CC B- Vimpel-Communications, Open Joint Stock Co. Corporate credit rtg CC B- SOURCE Standard & Poor's CreditWire -0- 08/17/98 /CONTACT: Juan Jose Garcia Seijo, 44-171-826-3642, or Christian Wenk, 44-171-826-3511, or Michael J. Crehan, 212-208-5788, all of Standard & Poor's/ /Web site: http://www.ratings.standardpoor.com/ CO: ST: New York IN: FIN SU: RTG -0- Aug/17/1998 13:24 EOS (PRN) Aug/17/98 13:25 86 â -0- (PRN) Aug/17/ 98 13:40
STANDARD & POOR'S CUTS RATINGS ON 8 RUSSIAN CORPORATES; ON WATCH
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