Fitch nails two Russian Homebuilders

Citing the ongoing situation in Russia, Fitch Ratings said it downgraded two Russian homebuilders, PJSC PIK-specialized homebuilder and PJSC LSR Group, to CC from B. Fitch usually does not give outlooks or apply modifiers with a rating of CCC or below.

“We believe that the presidential decree of March 5, 2022, against the backdrop of an escalating sanctions regime, could impose insurmountable barriers to many corporates' ability to make timely payments on foreign- and local-currency debt to certain international creditors,” Fitch said in a press release.

The agency also cut the issuer default and senior unsecured ratings of PIK-Corp., the 100%-owned sub-holding of the group, to CC from B and slashed PIK Securities DAC's $525 million senior unsecured eurobond due 2026 to CC/RR4/50% from B/RR4/50%.

Additionally, Fitch downgraded LSR’s senior unsecured rating of outstanding bond issues to CC/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.