Fitch keeps TMM on rating watch negative

Fitch Ratings said yesterday that it is keeping TMM Real Estate Development’s long-term foreign and local currency issuer default ratings, at ‘CC,’ and its national long-term rating, at ‘B(ukr)’, on rating watch negative, where they have been since December 2008. Fitch said the confirmation reflects concerns about TMM’s weak liquidity and poor conditions on the Ukrainian residential property market. Fitch also noted that TMM had made some progress towards improving its liquidity over the past six months, most notably via the attraction of a UAH 310 million credit facility in February 2009 from Oshchadbank.