Fitch confirms MHP’s ‘B-‘ rating; negative outlook

Fitch Ratings yesterday affirmed MHP S.A.’s long-term foreign currency issuer default rating at ‘B-‘ with a negative outlook. The company’s USD 250 mln Eurobond maturing in 2011 was also affirmed at ‘B-‘ with a Recovery Rating of ‘RR4’. Fitch also confirmed MHP’s long-term local currency IDR at ‘B’ and removed it from rating watch negative, assigning it a negative outlook. According to Fitch, the confirmation reflects the company’s steady operating performance and credit profile, despite the challenges facing the Ukrainian economy and banking system.