S&P cuts Eurotorg

S&P said it downgraded Eurotorg’s long-term foreign-currency issuer and senior unsecured debt ratings to CC from CCC. The ratings remain on CreditWatch with negative implications.

Concurrently, S&P affirmed the local-currency issuer credit ratings on Eurotorg at CCC and removed the long-term rating from CreditWatch negative, where it was placed it on March 10, because the agency said it views the Belarusian ruble-denominated debt as less vulnerable to nonpayment.

The downgrade mirrors a similar downgrade on Belarus on May 5, S&P said.

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