S&P lowers Mriya to SD

Standard & Poor’s said it lowered its corporate credit rating on Mriya Agro Holding plc to SD (selective default) from CCC.

At the same time, S&P lowered its issue rating on the group’s $400 million senior notes maturing 2018 to CC from CCC. S&P also lowered to CC from CCC the issue rating on the group’s $250 million notes maturing 2016, on which only $71.5 million is outstanding.

The recovery rating is unchanged at 4 for both notes, indicating S&P’s expectation of average (30%-50%) recovery prospects in the event of a payment default.

S&P said the downgrade follows the group’s decision to miss some payments on certain debt obligations while nominating financial advisers and engaging in discussions with lenders for a debt restructuring.

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