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S&P affirms European Bearings
Standard & Poor’s said it affirmed its BB- long-term corporate credit rating and ruAA- Russia national scale rating on OJSC European Bearings Corp. (EPK). The outlook remains stable.
The affirmation reflects S&P’s view that low debt will help the company to maintain healthy credit ratios, despite S&P’s expectation of somewhat lower EBITDA in 2014 and 2015 on the back of weaker end markets. It also reflects S&P’s forecast of adequate liquidity – with Russian ruble 1.4 billion of cash covering RUB 1 billion of short-term debt – and positive discretionary cash flow due to moderate capital expenditure and no planned shareholder distributions.
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