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Research Update: S&PCORRECT: Delance Ltd., HoldCo Of Russian Car Importer Rolf, Rating Lowered To 'CC'; Outlook Negative Sep 09 Product Image

Research Update: S&PCORRECT: Delance Ltd., HoldCo Of Russian Car Importer Rolf, Rating Lowered To 'CC'; Outlook Negative Sep 09

  • ID: 1872496
  • September 2009
  • Region: Russia
  • Standard & Poors

FEATURED COMPANIES

  • Delance Ltd.
  • Mitsubishi Corp.
  • MORE

Abstract
The Russian car retailer Rolf Group has announced an exchange offer for the outstanding notes of its financing vehicle Colgrade. We view this as a distressed exchange offering under our ratings criteria. We are lowering our corporate credit rating on Delance Ltd., the holding company of Rolf, to 'CC' from 'CCC+'. The negative outlook reflects our expectation that we will lower the corporate credit rating to 'SD' and the affected issue rating to 'D' on completion of the offer. On Sept. 25, 2009, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Delance Ltd., the holding company of Russian car retailer Rolf Group (Rolf), to 'CC' from 'CCC+'. The outlook is negative. At the same time, the...

Companies mentioned in this report are:
- Delance Ltd.
- Mitsubishi Corp.

Action: Downgraded
Action: Outlook: Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Note: Product cover images may vary from those shown

- Delance Ltd.
- Mitsubishi Corp.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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