Moody's downgrades Rolf

Moody's Investors Service said it downgraded the corporate family rating of Delance Ltd. ("Rolf") and the senior unsecured bonds of Colgrade Ltd. to B1 from Ba3.

The ratings are on review for further possible downgrade.

The agency said the downgrade reflects its expectation of a declining Russian car market based on the severe negative impact of the devaluation of the Russian ruble on the company's financial flexibility as well as the challenge to continue to maintain the ability to renew short-term funding needs with its existing banks or the ability to access new funding sources.

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