LONDON (Standard & Poor's) Oct. 14, 2009--Standard & Poor's Ratings Services said today that it assigned its 'B+' local currency, senior unsecured debt rating to a proposed Russian ruble (RUR) 20 billion (approximately $700 million) domestic bond to be issued by LLC Sibmetinvest, a subsidiary of Russia-based steel producer Evraz Group S.A. (B+/Watch Neg/--), which guarantees the bond. At the same time, the debt rating was placed on CreditWatch with negative implications. The recovery rating on this issue is '4', indicating our expectation of average (30%-50%) recovery for bondholders in the event of a payment default. The purpose of the issuance is to provide additional liquidity to support refinancing by Evraz. Sibmetinvest is an unrated wholly owned subsidiary of Evraz...
Companies mentioned in this report are:
- LLC Sibmetinvest
- Evraz Group S.A.
Action: New Rating
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Research type: News
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