S&P drops RBC Information

Standard & Poor's said it lowered its long-term corporate credit rating on OJSC RBC Information Systems to B from B+.

At the same time, the Russia national-scale rating and the senior unsecured bond ratings were lowered to ruBBB+ from ruA+, the agency said, adding that the B short-term corporate credit rating was affirmed.

In addition, the ratings were placed on Creditwatch with negative implications, S&P said, noting that the rating actions reflect a combination of heightened risks to the group's liquidity position in view of rapidly deteriorating global and Russian credit market conditions arising from: the group's reliance on short-term debt funding to finance its business expansion, its partial reliance on financial investments to bridge its funding needs during 2009, the slow pace of progress in its refinancing efforts, and some recent pressures in certain parts of the Russian advertising markets.

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