Standard & Poor's expects TMK’s rating to grow worse
10 July 2009 (08:33)
Standard & Poor’s credit rating service demoted TMK Capital’s bond ratings down to B, placing the bonds’ rating on CreditWatch, with Negative rating outlook.
‘We actually believe the Russian steel pipes manufacturer’s business solvency indicators will grow much worse this year than we had expected,’ the agency reports.
‘TMK’s rating has been demoted from B+ to B, with the same Negative rating outlook. We also had to decrease the ratings of two priority debenture bond issues, of which the first one, worth $300m, is to be retired in 2009 and the second $600m one is to be retired in 2011. Both issues were coordinated by TMK Capital S. A. These issues’ ratings were demoted from B+ to B and placed on our CreditWatch, with Negative rating outlook. The debt return probability rating (that is, following a default) comes to four,’ the agency explains.
‘We actually believe the Russian steel pipes manufacturer’s business solvency indicators will grow much worse this year than we had expected,’ the agency reports.
‘TMK’s rating has been demoted from B+ to B, with the same Negative rating outlook. We also had to decrease the ratings of two priority debenture bond issues, of which the first one, worth $300m, is to be retired in 2009 and the second $600m one is to be retired in 2011. Both issues were coordinated by TMK Capital S. A. These issues’ ratings were demoted from B+ to B and placed on our CreditWatch, with Negative rating outlook. The debt return probability rating (that is, following a default) comes to four,’ the agency explains.
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