Fitch cuts Interpipe to CCC

Fitch Ratings said it downgraded Interpipe Ltd.'s long-term issuer default rating and senior secured rating (applicable to the company's 2017 eurobonds) to CCC from B-. The bond's recovery rating is RR4.

Fitch said the action reflects the operational and financial uncertainty created by two current trade matters involving the export of pipes to the Customs Union involving Russia, Kazakstan and Belarus - Interpipe's largest pipe export market accounting for about 25% of total pipe sales in 2012 - and the U.S., respectively.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.