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11.12.2007
Credit-Rating downgrades Vitaminy`s bonds to uaCCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today downgraded to uaCCC from uaBB the long-term credit rating assigned to UAH 5m 5-year registered coupon bonds (A series) issued by Vitaminy OJSC (‘Issuer’ or ‘company’). Outlook on the rating is Negative. The rating continues to be placed on Rating Watch List (RWL) since November 20, 2007.
An obligor or a debt liability with uaCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a default possibility. The rating placed on RWL with Negative outlook exhibits high possibility of further rating’s downgrade resulting from events or ongoing negative trends, which may significantly affect the rating’s bearer creditworthiness.
Credit-Rating has earlier announced the placement of the rating assigned to registered coupon bonds (A series) issued by Vitaminy OJSC on RWL, which resulted from possible changes in company’s ownership structure, partial stoppage of production cycle, delays in salary payments and expected Issuer’s failure in timely payment of coupon on A series bonds.
In the course of the rating’s revision procedure Credit-Rating considered continuing instability in company’s activity, and delay in coupon payments of A series bonds.
Information on all credit ratings assigned in accordance with the National Scale may be found in REUTERS, BLOOMBERG and FTN MONITOR information systems.
For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
