S&P drops, suspends UkrLandFarming

Standard & Poor's said it lowered its corporate credit rating on UkrLandFarming plc to SD (selective default) from CC and the issue rating on its senior unsecured notes to D from CC.

The agency then suspended the ratings, due to lack of sufficient information.

S&P said the downgrade reflects that the company has defaulted on some of its credit facilities, including payment of interest due on March 26, on $500 million notes maturing in 2018.

The agency suspended the ratings to reflect the lack of sufficient information to adequately assess the company's corporate creditworthiness and make a well-informed rating decision.

If the company provides sufficient information within the next 90 days, S&P said it would assess this information to determine the rating outcome. However, if the level of information remains insufficient or is not of satisfactory quality to form a rating opinion, the agency will withdraw the ratings.

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