OREANDA-NEWS. On 11 February 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaC from uaB  the long-term credit rating assigned to registered coupon bonds (series A) issued by Nikopol-based Nikopol Steel Pipe Works UTiST CJSC (issuer or company). The amount of the issue is UAH50m, due on March 18, 2010. The outlook on the rating is negative. The companys principal activity is production of steel pipes.

The uaC rating denotes that the obligor is EXPECTED TO DEFAULT on its debt liabilities.

Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.

This rating action was prompted by the moratorium imposed on Dec. 9, 2008 by the Economic Court of Dnepropetrovsk Oblast regarding meeting claims of the companys lenders. This decision followed the companys appeal for initiating bankruptcy procedure and readjustment procedure for the period of 12 months. Following rating actions regarding the company will be contingent upon effects of the readjustment procedure.