S&P: Nutrinvestholding unchanged

Standard & Poor's said the ratings and outlook on Nutrinvestholding OJSC (B/positive, national scale rating ruA-) remain unchanged after the company's announcement of the sale of its dairy and agro business to Russagroprom (not rated) for $350 million.

Some proceeds were used to pay down $100 million in credit-linked notes.

Cash flow protection measures are likely to remain commensurate with the current rating, as increased profitability and reduced working-capital requirements will somewhat offset the additional debt needed to finance expansion in China and New Zealand, the agency said.

The company's increased focus on the high-margin baby food segment will support the business profile and help to offset the impact on credit protection measures of the reduction in the scale of operations, S&P said.

Fitch affirms Krung Thai Bank

Fitch Ratings said it affirmed Krung Thai Bank plc's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency rating at F2, individual rating at C/D, support rating at 2, support rating floor at BBB, foreign-currency subordinated debt rating at BBB, foreign-currency rating on offshore hybrid tier 1 securities at BBB-, national long-term rating at AA+(tha), national short-term rating at F1+(tha), national subordinated debt rating at AA(tha) and national rating on domestic hybrid tier 1 securities at A+(tha).

The outlook is stable.

The agency said it affirmed the ratings despite weaker results in 2007 due to higher provisioning because its performance is expected to improve in 2008.

Fitch said the ratings are underpinned by strong government ownership and support.

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