Fitch cuts Russian Factoring notes

Fitch Ratings said it downgraded Russian Factoring No. 1 SA's senior and mezzanine notes to D from C and assigned both tranches a recovery rating of RR6. The action represents the third downgrade of the issuer's obligations since closing.

Since March 2009, the minimal amount was collected and used to pay partially the interest due on the senior note, Fitch said.

Cash was insufficient to pay down the principal balance on the notes until the final legal maturity date, March 14, 2010, which is the reason for the downgrade, the agency said.

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