Fitch cuts two Russian homebuilders

Fitch Ratings said it downgraded two Russian homebuilders and placed their ratings on rating watch negative.

The downgrades and RWNs reflect the severe shock to the operating environment in Russia and weakened financial flexibility, and follow the agency's downgrade of Russia's sovereign ratings on Wednesday, the agency said.

Fitch downgraded PJSC PIK long-term foreign-currency issuer default rating to B from BB- and the long-term IDR of PIK-Corp., the 100%-owned sub-holding of the group, to B from BB-. PIK Securities DAC's $525 million senior unsecured Eurobond due 2026 was also cut to B/RR4/50% from BB-.

The agency concurrently lowered PJSC LSR Group’s long-term foreign-currency IDR to B from B+ and senior unsecured ratings to B/RR4/50% from B+/RR4/50%.

© 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.