S&P drops Renaissance Capital

Standard & Poor's said it lowered its long-term counterparty credit rating on Renaissance Capital Holdings Ltd. to B from B+.

At the same time, the agency said it affirmed its B short-term rating.

The outlook is negative.

"The rating action reflects our view that Renaissance Capital's financial flexibility has reduced as a consequence of the squeezed cash flow generation in the current difficult market conditions, as well as its reduced access to cash flows from its subsidiaries because of the group's recent ownership change," said credit analyst Elena Romanova.

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