Fitch confirms MHP's 'B' rating, negative outlook

On Friday Fitch Ratings issued a press release announcing that it affirmed the foreign and local currency long-term Issuer Default Rating of MHP S.A. at ‘B’ with a negative outlook. MHP’s USD 250 mln 10.25% senior notes maturing in 2011 were also confirmed with a ‘B’ rating and recovery rating of ‘RR4’. Fitch said the affirmation reflected its expectation that MHP’s credit profile would weaken moderately in 2009, and begin to recover in 2010. Fitch also affirmed MHP subsidiary Myronivsky Hliboproduct’s foreign and local currency long-term IDRs at ‘B’ and national long-term rating at ‘A-(ukr)’, all with negative outlooks.