Moody’s reviews Nizhnekamskneftekhim

Moody's Investors Service said it placed on review for downgrade PJSC Nizhnekamskneftekhim's Ba3 corporate family rating, Ba3-PD probability of default rating and Ba3 senior unsecured notes rating issued by NKNK Finance plc.

This decision reflects the ongoing severe and rapid deterioration in the operating environment in Russia and the heightened risk of a more prolonged and more acute economic downturn than originally anticipated.

The action follows Moody's Dec. 22 decision to lower Russia's foreign currency bond ceiling to Baa2 from A3, foreign currency deposit ceiling to Ba1 from Baa2 and local currency bond and deposit ceilings to Baa1 from A3. It also factors in Moody's decision to place the sub-sovereign rating of the Republic of Tatarstan, Nizhnekamskneftekhim's major shareholder, on review for downgrade on Dec. 22.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.