S&P lifts MHP view to stable

Standard & Poor's said it revised the outlook to stable from negative on MHP SA.

The agency also said it affirmed the B- long term foreign- and local-currency corporate credit ratings on the company.

S&P also affirmed the B- rating on MHP's senior unsecured notes. The recovery rating on these notes is unchanged at 3, indicating 50% to 70% expected default recovery.

The outlook revision and affirmation follows a similar rating action on Ukraine, S&P said.

Ukraine's creditworthiness has improved, making foreign-exchange repatriation and currency restrictions less likely and, in turn, alleviating pressure on the company's dollar-denominated debt service, the agency said.

MHP's country risk exposure to Ukraine is considered a key risk factor for the ratings, S&P added.

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