S&P: First Collection Bureau view negative

S&P said it today revised its outlook on First Collection Bureau to negative from stable and affirmed its B- long-term counterparty credit rating.

At the same time, the agency lowered the Russia national scale rating to ruBBB- from ruBBB.

S&P said the outlook revision reflects its view that shaky performance indicators and a significant one-off deal on the balance sheet could hurt FCB's creditworthiness.

The agency takes into account First Collection Bureau’s very high leverage but factor in its expectation that the company will reduce its debt to EBITDA to at least 5 times, while its cash flows return to positive in 2016.

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