S&P rates EuroChem bond BB

Standard & Poor's said it assigned its BB debt rating to the proposed RUB 10 billion bond to be issued by EuroChem Mineral and Chemical Co. OJSC (BB/stable).

At the same time, the agency said it assigned a recovery rating of 3 to the proposed bond.

In addition, the agency said it affirmed the issue rating on EuroChem Finance plc's existing $290 million participation loan at BB. The recovery rating on this instrument remains unchanged at 3.

S&P said it understands that the proposed notes will benefit from sureties from two of EuroChem's key subsidiaries, which together account for about 40% of the group's EBITDA.

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