Fitch places Petropavlovsk on watch

Fitch Ratings said it placed Petropavlovsk plc's B long-term issuer default rating on rating watch negative. Fitch also put the guaranteed notes issued by Petropavlovsk 2016 Ltd. on RWN. The notes'

“The RWN follows changes in Petropavlovsk's board and management composition, delays in appointing an auditor and failure to produce interim financial statements in accordance with requirements under its $500 million notes' indenture,” Fitch said in a press release.

Petropavlovsk has until Oct. 28 to publish its semi-annual results to prevent a breach in its covenants unless it gets a waiver.

“We will resolve the RWN following a track record of stability and effectiveness in management, board and auditor and strengthened internal control environment, supported by stable operations,” the agency said.

© 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.