Fitch cuts LLC Mirax

Fitch Ratings said it has downgraded LLC Mirax Group's long-term foreign and local currency issuer default ratings to B- from B, respectively, and downgraded the company's national long-term rating to BB-(rus) from BBB-(rus).

The short-term issuer default rating of B and the company's other ratings remain on rating watch negative, the agency said.

The agency added that it has simultaneously withdrawn all LLC Mirax Group's ratings and assigned them to Mirax Group Holding BV.

The change in the rated entity reflects group structure changes completed in 2008, which resulted in Mirax Group Holding BV replacing LLC Mirax Group as the parent company of the consolidated group, with LLC Mirax Group becoming a subsidiary, Fitch said.

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