Fitch cuts Thor Asset Purchase notes to BBB-

Fitch Ratings said it downgraded Thor Asset Purchase's $2 billion floating-rate notes due 2036 issued under its $4 billion program) to BBB- from A- and placed the ratings on Rating Watch negative. The downgrade is due to the worsened economic outlook for Dubai and the likely pressure this will continue to put on Dubai's public finances.

The transaction is a cash flow securitization of existing and future electricity and water receivables originated by Dubai Electricity and Water Authority in Dubai.

The rating is closely linked to the government of Dubai and reflects the strong link between Dubai Electricity and the government, Fitch said. The outlook for Dubai Electricity is negative.

Fitch rates Nizhniy Novgorod bond BB-

Fitch Ratings said it assigned the Nizhniy Novgorod region's upcoming issue of a RUR3 billion domestic bond due December 2012 an expected long-term local-currency rating of BB- and expected national long-term rating of A+(rus). The region has long-term foreign- and local currency ratings of BB-, short-term foreign-currency ratings of B and national long-term rating of A+(rus).

The outlook is stable.

The rating is contingent upon the receipt of final documents conforming to information already received, Fitch said.

© 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.