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Bulletin: No Rating Changes In RUMBA And KIT Ipoteka After KIT Finance Investment Bank Acquisition Oct 08 Product Image

Bulletin: No Rating Changes In RUMBA And KIT Ipoteka After KIT Finance Investment Bank Acquisition Oct 08

  • ID: 1886689
  • October 2008
  • Standard & Poors

Abstract
MILAN (Standard & Poor's) Oct. 27, 2008--Standard & Poor's Ratings Services said today that its credit ratings on RUMBA S.A. and KIT Ipoteka Ltd. remain unchanged following the acquisition of KIT Finance Investment Bank (KIT) by Russian Railways (JSC) (BBB+/Watch Neg/--) and Investment Group Alrosa, a subsidiary of ALROSA Co. Ltd. (BB/Watch Neg/B). We placed the ratings on both Russian Railways and ALROSA on CreditWatch negative following this acquisition (see "Russian Diamond Miner ALROSA Co. Ltd. 'BB' Rating On Watch Neg On Planned Stake In KIT Finance" and "Russian Railways (JSC) 'BBB+' Rating On Watch Neg On Planned Stake In KIT Finance Bank" ). KIT acts as mortgage administrator and originator in RUMBA and KIT Ipoteka, two securitizations backed by...

Companies mentioned in this report are: OJSC Alrosa,Russian Railways (JSC)
Action: Bulletin

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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OJSC Alrosa,Russian Railways (JSC)

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