Fitch: OPIN outlook negative

Fitch Ratings said it revised the outlook for JSC OPIN to negative from stable and affirmed its B long- and short-term issuer default ratings and BBB(rus) national long-term rating before withdrawing them.

The agency said the outlook revisions reflect OPIN's exposure to an increasingly weak Russian real estate market, which will likely lead to significantly reduced profitability, asset values and operating cash flows during 2009 and 2010. Although Fitch expects OPIN to have adequate headroom under its covenants and sufficient liquidity to meet its commitments during 2009, the agency said it is likely that 2010 will be more challenging if, as expected, weak property market conditions persist and external financing to the sector remains rationed.

© 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.