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Proposed Guaranteed RUR20 Bil. Bond Of Evraz Subsidiary Sibmetinvest Rated 'B+' And Placed On CreditWatch Negative Oct 09 Product Image

Proposed Guaranteed RUR20 Bil. Bond Of Evraz Subsidiary Sibmetinvest Rated 'B+' And Placed On CreditWatch Negative Oct 09

  • ID: 1810226
  • October 2009
  • Standard & Poors

Abstract
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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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