10.02.2016, 01:13
Reserve Trust Company's Credit Rating Down
OREANDA-NEWS. National Rating Agency (NRA) has lowered its national scale credit rating on Reserve Trust Company CJSC (RTC) to 'D' and excluded it from its Watchlist. RTC was assigned NRA's first-time 'BBB-' credit rating on May 30, 2012. The rating was placed on NRA's Watchlist with indefinite implications on Jan. 26, 2016 and lowered to 'C-' on Jan. 26, 2016.
The Watchlist placement and NRA's recent rating actions on RTC reflected the changes in the company's ownership structure and associated restructuring of assets that have been reflective of RTC's creditworthiness. NRA viewed the uncertainties around RTC's operational activity, financial policy and corporate governance as a substantial risk.
The rating downgrade to 'D' reflects the company's failure to perform its obligation to pay off its RUB 4.47 bn Series 03 bond during a 10-business-day period, that is, default on its obligation to execute a put option. Earlier, on January 18 and 22, RTC found itself in technical defaults on its Series 03 bond second coupon payment and issuance option.
The Watchlist placement and NRA's recent rating actions on RTC reflected the changes in the company's ownership structure and associated restructuring of assets that have been reflective of RTC's creditworthiness. NRA viewed the uncertainties around RTC's operational activity, financial policy and corporate governance as a substantial risk.
The rating downgrade to 'D' reflects the company's failure to perform its obligation to pay off its RUB 4.47 bn Series 03 bond during a 10-business-day period, that is, default on its obligation to execute a put option. Earlier, on January 18 and 22, RTC found itself in technical defaults on its Series 03 bond second coupon payment and issuance option.
Комментарии