Moody's lowers Sitronics

Moody's Investors Service said it downgraded Sitronics JSC's corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.

The outlook on the ratings is developing.

This concludes a review for downgrade that began Feb. 21, 2011, Moody's said.

The downgrades reflect the company's weak standalone credit profile, inadequate liquidity and increased refinancing risk due to the approaching maturity of its two domestic bond issues, the agency said.

The ratings consider its ongoing reliance on external funding to meet its debt obligations, Moody's said.

The rating continues to benefit from the implied support from Sitronics' ultimate parent company, Sistema JSFC, the agency said.

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