Moody's lowers Eurokommerz

Moody's Investors Service said it downgraded the long-term foreign- and local-currency issuer ratings of Eurokommerz Holding Ltd. to C from Caa2, concluding the review that began on Dec. 15.

The downgrade reflects the default on a majority of obligations after the company first defaulted on its coupon payment under the RUB 3 billion domestic bonds in December 2008, according to the agency.

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