Home
/
News
/

S&P cuts Mriya credit ratings to CC, SD

S&P cuts Mriya credit ratings to CC, SD

11 August 2014

Standard & Poor’s rating agency lowered the corporate credit rating for Ukrainian farming group Mriya Agro Holding (MRIYA) to SD from CCC, the agency wrote in an Aug. 8 press release. “The downgrade follows the group’s decision to miss some payments on certain debt obligations while nominating financial advisors and engaging in discussions with lenders for a debt restructuring,” the agency explained. It lowered the rating of all Mriya’s Eurobonds to CC from CCC.

 

A week before the rating move, Mriya announcedit had failed to pay certain debt obligations on time and initiated a review of its financial position, which may result in a “restructuring of the Group’s balance sheet.” Since that time, the company and its advisors provided no details on possible changes, only hinting that negotiations on the defaulted obligation with the creditor are ongoing.

 

Roman Topolyuk: The information on what would be the parameters of the possible restructuring of Mriya’s debt is limited so far. Mriya’s financial advisors at Blackstone told us it may take a few weeks before any proposal to creditors could be worked out and announced to the public.

 

Mriya has semi-annual coupon payments due in September-October, successful payment of which will be another important indicator of the company’s loyalty to bondholders. As of now, there is no official confirmation that its coupon payment will be impacted, but we understand that Mriya will expand the restructuring to the full range of its creditors, including the holders of its Eurobonds.

Latest News

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...