S&P lowers Eurotorg

S&P said it lowered its ratings for Eurotorg LLC and its senior unsecured debt to CCC from B- and placed the ratings on CreditWatch with negative implications.

“The downgrade of Eurotorg follows the imposition of unprecedented financial and economic sanctions from the U.S., the EU, and the U.K., among others, on Belarus. These include measures targeted at several commercial banks in Belarus, subsidiaries of Russian banks in Belarus, and a diverse range of corporate sectors, which will likely increase Eurotorg's risk of default,” S&P said in a press release.

The negative watch indicates the agency could lower the ratings on Eurotorg again over the next few weeks. “We expect to resolve the CreditWatch placement once we have more clarity on the impact of the sanctions, as well as Eurotorg's ability and willingness to honor its debt obligations in full and on time.”

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