S&P cuts Kazanorgsintez to D

Standard & Poor's said it lowered the long-term corporate credit rating on Kazanorgsintez OJSC from CC to D and the Russia national scale rating on the group to D from ruCC, and the issue rating on the $200 million unsecured loan participation notes issued by subsidiary Kazanorgsintez SA to D from CC with recovery rating revised to 5 from 4.

The downgrade follows Kazanorgsintez' nonpayment of its financial debt obligations, the agency noted.

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