S&P puts First Collection on developing watch

S&P said it placed the B- rating on OJSC First Collection Bureau on CreditWatch with developing implications.

The company's general manager and several top managers of its key shareholder, private equity fund Baring Vostok Capital Partners, were arrested based on a criminal complaint by Orient Express Bank's minority shareholder, S&P said.

There is still no certainty regarding the outcome and timing of this investigation and court hearing, the agency said, but it could affect the company's credit quality.

The agency said it aims to resolve the CreditWatch when the outcome of the investigation and its effects on First Collection become clear.

S&P said it expects the investigation to pressure the company's credit quality.

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