S&P cuts UkrLandFarming, notes to CCC+

Standard & Poor's said it lowered its long-term foreign currency corporate credit ratings on UkrLandFarming plc to CCC+ from B- and affirmed the B- long-term local currency rating.

The outlook is negative.

The agency also lowered its issue rating on the company's senior unsecured notes to CCC+ from B-. The recovery rating on these notes remains at 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.

S&P said the downgrade follows the downgrade of Ukraine and the downward revision of the country's transfer and convertibility assessment to CCC+, taking into account that UkrLandFarming's core assets are concentrated in Ukraine.

© 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.