S&P lowers four Ukraine agribusiness companies

Standard & Poor’s said it lowered the long-term foreign-currency credit ratings on several Ukrainian agribusiness companies to CCC- from CCC.

The downgrade follows the Dec. 19th downgrade of Ukraine to CCC due to increased risk of default.

Creativ Group OJSC’s CCC- local- and foreign-currency corporate ratings reflect the long-term CCC- foreign-currency sovereign rating on Ukraine and its stand-alone credit profile is B due to its vulnerable business risk profile.

MHP SA’s CCC- local- and foreign-currency corporate ratings also reflect the long-term CCC- foreign currency sovereign rating on Ukraine and its stand-alone credit profile is B due to its vulnerable business risk profile.

Ukrainian Agrarian Investments SA’s CCC- local- and foreign-currency corporate ratings reflect the long-term CCC- foreign-currency sovereign rating and its stand-alone credit profile is B- due to its vulnerable business risk profile and substantial EBITDA decline in 2013, S&P said.

UkrLandFarming plc’s CCC- local- and foreign-currency corporate ratings reflect the CCC- foreign-currency rating on Ukraine and its stand-alone credit profile is B- due to its vulnerable business risk profile.

The outlook on all of the companies is negative.

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