Moody’s might cut Food Contract

Moody's Investors Service said it placed under review for downgrade the B1 corporate family rating and the B1-PD probability of default rating of National Co. Food Contract Corp. JSC.

The agency placed under review for downgrade the B1 rating (LGD4) of the outstanding KZT 33.3 billion notes due in December, as well as the company's caa1 baseline credit assessment, which reflects the standalone credit strength.

“The placement of FCC's ratings and BCA on review for downgrade reflects the prolonged weakness in FCC's financial and liquidity position through the middle of 2018 with some limited prospect of a sustainable recovery over the near term,” Moody’s said in a news release.

“It also reflects the company's very weak liquidity position as of the middle of August 2018, four months prior to the maturity of its KZT 33.3 billion notes.”

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