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S&P puts PIK Group on watch
S&P said it placed its B long-term corporate credit and ruA- Russia national scale ratings on JSC PIK Group on CreditWatch with negative implications.
The CreditWatch placement follows the announcement by PIK Group of its acquisition of all of the Morton Group's shares from Horus Real Estate Fund I BV, which is owned by Sergei Gordeev, PIK's largest shareholder and CEO, who bought Morton in a private deal earlier in 2016.
The acquisition might result in weakening of PIK's liquidity because a substantial part of Morton's debt is short term. Additionally, there is uncertainty about the quality of Morton's assets and their cash flow generation potential, S&P said in a news release.
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