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07.05.2009
Credit-Rating downgrades Karavan LLC and its bonds to uaCCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it downgraded to uaCCC from uaBB the long-term credit rating assigned to Kiev-based Karavan LLC (`issuer` or `company`) and its registered coupon bonds (series C) for the amount of UAH130m, with 3-year original maturity. The rating has been simultaneously removed from Rating Watch List. The outlook on the rating is negative. Credit-Rating has also suspended the long-term credit rating assigned to coupon bonds (series A) for the amount of UAH30m following the bonds` maturity.
The rating action is in response to the fact that the company has not met in full its commitments on series A bonds, which redemption had to occur on May 6, 2009. Further changes of company`s ratings will be contingent upon successful negotiation with creditors on debt restructuring and its further timely repayment.
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
Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.ua
Denis Rudenko
DRudenko@credit-rating.ua
