Moody's drops Eurokommerz

Moody's Investors Service said it has downgraded to Caa2 from B2 the long-term foreign currency and local currency issuer ratings of Eurokommerz Holding Ltd.

At the same time, Moody's Interfax added that it has downgraded Eurokommerz's A3.ru long-term national-scale rating to B2.ru.

Concurrently, Moody's said it has placed the Caa2 long-term foreign and local currency issuer ratings as well as the B2.ru NSR on review with direction uncertain.

Moody's observed that the downgrade of Eurokommerz's long-term ratings captures the fact that the company has defaulted on its coupon payment under the RUR 3 billion domestic bonds with maturity in 2010.

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