S&P places Azovstal’s ratings under review

Standard & Poor’s said on Friday that it placed the long-term corporate credit rating on Ukrainian steel producer Azovstal (AZST: BUY), B+, on CreditWatch with negative implications, following the similar action on Ukraine. The agency also placed the B long-term rating on the company’s senior unsecured debt on CreditWatch negative. The recovery rating is unchanged at 5, indicating S&P’s expectation of modest (10-30%) recovery for senior noteholders in the event of a payment default.