S&P lowers Ukrlandfarming bond rating to ‘D’, may withdraw it in 3M

Standard & Poor’s lowered its rating of the senior unsecured notes of Ukrlandfarming (UKRLAN) to ‘D’ from ‘RD’, according to the agency’s release on Apr. 8. The downgrade reflects the company’s default on some of its credit facilities, including non-payment of interest due on March 26, 2016 on USD 500 mln maturing in 2018, the ratings agency explained. 

S&P also has suspended the ratings of Ukrlandfarming “to reflect the lack of sufficient information to adequately asses the company’s creditworthiness and to make a well-informed ratings decision.” S&P stated it would withdraw the ratings of Ukrlandfarming if the company doesn’t provide sufficient information of a satisfactory quality during next 90 days.