S&P lowers Balashikha

Standard & Poor's said it lowered the long-term issuer credit and Russia national scale ratings on Balashikha City District to B-/ruBBB- from B/ruA- and placed them on CreditWatch with negative implications.

Balashikha city district is located in Moscow Oblast in the Russian Federation (foreign currency BBB/negative/A-3; local currency BBB+/negative/A-2; Russia national scale ruAAA).

"The downgrade reflects higher risks posed by the city district's weak liquidity in Russia's currently fragile credit environment and its lower prioritization of debt repayment," S&P analyst Karen Vartapetov said in a statement.

The watch reflects Balashikha's higher-than- expected risks of not meeting the deadline for bank loan repayments due by March 31, according to the agency.

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