S&P cuts Caustic, Plastcard

Standard & Poor's said it lowered its Russia national scale ratings on OAO Caustic and OAO Plastcard, the core operating companies of Nikos, to ruBB from ruBB+.

At the same time, S&P lowered its Russia national scale senior secured rating on the three-year RUR 750 million bond issued by Nikoskhim-Invest LLC with partial guarantees by Caustic and Plastcard to ruBB from ruBB+.

The CCC+ long-term corporate credit ratings on Caustic and Plastcard were affirmed. The outlook for both entities is stable.

S&P said the rating actions reflect a weakening of the group's liquidity position after bondholders exercised the put option on RUR 470 million of the Nikoskhim-Invest LLC bond on Dec. 16.

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