Fitch maintains KazakhGold

Fitch Ratings said it has maintained KazakhGold Group Ltd.'s long-term issuer default rating of CCC and senior unsecured rating of CCC/RR4 on rating watch negative.

The agency said that the rating action follows KazakhGold's failure to make a coupon payment of $9.375 million on its $200 million of senior unsecured notes due May 6.

Although the company has not issued any public statement to this effect, the agency said it has obtained a confirmation from KazakhGold that no payment was made.

The company has stated that the reason for delay is technical and that it intends to pay the coupon within a 30-day cure period as required by the bond documentation, Fitch added.

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