S&P rates Interpipe B+

Standard & Poor's said it has assigned a B+ long-term corporate credit rating and uaA Ukraine national scale rating to Interpipe Ltd.

The outlook is negative.

The ratings reflect the risks associated with operating in Ukraine, volatile steel-related costs, expected material and partially debt-funded dividends and capital expenditure plans, along with a limited track record in reporting as a combined group, S&P said.

These factors are somewhat offset by Interpipe's good market positions, favorable cycles for seamless and welded pipes expected to last in the medium term and stable and cash-flow-generative nature of the wheels business, the agency added.

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