Moody's cuts Bulgaria Steel notes to Ca

Moody's Investors Service said it downgraded the corporate family rating of Kremikovtzi AD to Ca from Caa3, along with Bulgaria Steel Finance BV's rating on its €325 million senior secured guaranteed notes to Ca/LGD 4(53%) from Caa3/LGD 4(53%).

The outlook is stable.

The action reflects Kremikovtzi's failure to make an interest payment under its €325 million notes. The ratings take into account the remaining uncertainty, the agency said.

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