S&P puts Interpipe on watch

Standard & Poor's said it placed the B+ long-term corporate credit rating on Interpipe Ltd. on CreditWatch with negative implications, reflecting the recent CreditWatch action on Ukraine and the company's potentially weak liquidity position.

The watch follows the action on Ukraine (foreign-currency B+/Watch negative/B), reflecting the impact of a deteriorating economic situation and associated exchange-rate depreciation on the country's financial sector asset quality, especially given high private sector foreign-currency borrowing, according to the agency.

The group's liquidity position is considered somewhat weak, in light of uncertainty over refinancing high short-term debt, amid a challenging bank environment in Ukraine and elsewhere, S&P said.

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