S&P: OMZ off watch

Standard & Poor's said it affirmed its CCC+ long-term corporate credit rating on OAO OMZ (Uralmash-Izhora Group) and removed it from CreditWatch, where it was placed on Dec. 19, 2003. The outlook is stable.

At the same time, S&P affirmed its Russia national scale corporate credit and senior unsecured debt ratings on OMZ at ruBB.

S&P said the resolution of the CreditWatch placement follows the refinancing of OMZ's debt due to mature at the end of 2004. The new debt repayment schedule does not imply immediate liquidity concerns, although the debt is still principally short term.

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