S&P lowers Klin Rayon

Standard & Poor's said it lowered the long-term issuer and Russia national scale ratings on Klin Rayon to CC/ruCC from B-/ruBBB. Ratings remain on CreditWatch with negative implications, where they were placed on Sept. 26.

The downgrade reflects a higher-than-expected probability that Klin will not meet its financial obligations on Nov. 13, when the municipality's RUR 300 million bond comes due, according to the agency.

The action also reflects remaining uncertainties about the rayon's bank and budgetary loan repayments due in December, the agency noted.

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