Fitch lowers Krasnodar bonds

Fitch Ratings said it has downgraded Krasnodar Region's long-term foreign and local currency issuer default ratings to BB from BB+ and national long-term rating to AA-(rus) from AA(rus).

The outlooks are negative.

The region's short-term foreign currency issuer default rating has been affirmed at B, the agency said.

Also, the region's outstanding senior unsecured domestic bonds have also been downgraded to BB from BB+ and AA-(rus) from AA(rus).

Fitch said it expects the Krasnodar region's payback ratio (direct risk-to-current balance) to remain weak, above the average debt maturity.

Fitch cuts Zoomlion

Fitch Ratings said it has downgraded Zoomlion Heavy Industry Science and Technology Co. Ltd.'s long-term issuer default rating to BB+ from BBB-.

The outlook is stable.

Fitch said it has also downgraded the company's foreign-currency senior unsecured rating to BB+ from BBB-.

According to the agency, the downgrade is a result of Zoomlion's poor performance during the current industry downturn. Despite its scale and industry leadership, its sales and profits continued to shrink, mainly due to limited product diversification and poor execution.

Fitch rates Cnooc notes A+

Fitch Ratings said it has assigned Cnooc Nexen Finance (2014) ULC’s $1.25 billion of 1.625% guaranteed notes due 2017, $2.25 billion of 4.25% guaranteed notes due 2024 and $500 million of 4.875% guaranteed notes due 2044 final ratings of A+.

The notes were issued in April 2014 and Fitch said it is now rating the notes following requests from investors.

The notes are rated at the same level as Cnooc Ltd.'s (A+/stable) issuer default rating. The notes are unconditionally and irrevocably guaranteed by Cnooc Ltd., and a change in that company's issuer default rating would result in a similar change in the issue rating.

Fitch rates Mastellone notes B-

Fitch Ratings said it has assigned the following ratings to Mastellone Hermanos, Sociedad Anonima: foreign currency issuer default rating B-; local currency issuer default rating B-; and senior unsecured notes issuance of up to $200 million B-(exp)/RR4.

The outlook is negative.

The agency noted that Mastellone's ratings are constrained by Argentina's B- country ceiling as sales within the country contribute 85% to total sales and 82% to EBITDA.

The ratings also reflect the Mastellone's high leverage, tight liquidity, exposure to currency mismatches and raw milk production, Fitch added.

Moody’s rates PTT Exploration debt Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the subordinated perpetual capital securities to be issued by PTT Exploration & Production PCL (PTTEP).

At the same time, the agency affirmed the Baa1 issuer and senior unsecured ratings of PTT Exploration and the Baa1 ratings of its indirect wholly owned subsidiaries, PTTEP Australia International Finance Pty and PTTEP Canada International Finance Ltd.

The outlook is stable.

"The (P)Baa3 rating assigned to PTTEP's hybrid securities is two notches below PTTEP's Baa1 issuer and senior unsecured ratings. This rating differential reflects the deeply subordinated nature of the hybrid securities, as it ranks behind PTTEP's senior debt obligations in terms of the priority of claims. Under the terms and conditions of the securities, PTTEP has the option to defer coupons on a cumulative basis," Moody's vice president and senior credit officer Vikas Halan said in a news release.

Fitch gives China Vanke notes BBB+

Fitch Ratings said it has assigned China Vanke Co., Ltd.'s (BBB+/stable) $400 million of 4.5% senior unsecured notes due in 2019 a final rating of BBB+.

The notes are issued by Bestgain Real Estate Lyra Ltd. and are jointly and severally guaranteed by Vanke Real Estate (Hong Kong) Co. Ltd.

The agency said that in place of a guarantee, Vanke has granted a keepwell deed and a deed of equity interest purchase undertaking to ensure that the guarantor, Vanke Real Estate, has sufficient assets and liquidity to meet its obligations under the guarantee for the medium-term note program under which the dollar notes are issued.

S&P assigns PTT Exploration debt BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating to a proposed issue of subordinated perpetual capital securities by PTT Exploration & Production PCL (BBB+/stable/--; axA+/--).

The agency considers the securities to have "intermediate" equity content and will therefore classify 50% of the principal as debt and 50% of the distributions as interest expenses in the calculation of financial ratios.

PTT Exploration will treat the securities as equity in its financial statements.

S&P said it arrived at the BBB- issue rating on the securities by notching down from its bbb+ stand-alone credit profile on the company.

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