OREANDA-NEWS. National Rating Agency has lowered its national scale 'A' credit rating on Trellas Enterprises Limited to 'C+'.

At the same time, the agency has withdrawn the rating as the contract has expired and the company has chosen to stop participating in the rating process.

The rating downgrade is driven by payment defaults on some of the company's current financial obligations, as well as technical defaults. Additionally, we note the risk of change of Trellas's majority shareholder and corporate conflicts, including those involving the company's key creditors.