TMM is in negotiations on two loans totaling USD 168 mln from global banks

TMM (TR61 GR) General Director Mykola Tolmachov told Interfax yesterday that he was in negotiations with two global banks for two separate loans worth USD 150 mln and UAH 130 mln (about USD 18 mln). Tolmachov said that the first agreement could be signed as early as February 2009. In other news, Fitch Ratings yesterday assigned TMM “CC” long-term foreign and local currency Issuer Default Ratings (IDRs), a “B(ukr)” national long-term rating, and placed both ratings on Rating Watch Negative. In its announcement Fitch said that the ratings represented TMM’s market position, vertical integration and diversified portfolio, while taking into account the early development stage of its projects, weak liquidity, and lack of rental income.