S&P cuts Mriya to SD

Standard & Poor’s said it lowered its corporate credit rating on Mriya Agro Holding plc to SD (selective default) from CCC.

At the same time, S&P lowered its issue rating on the group’s $400 million senior notes maturing 2018 to CC from CCC. S&P also lowered to CC from CCC the issue rating on the group’s $250 million notes maturing 2016, on which only $71.5 million is outstanding.

The recovery rating is unchanged at 4 for both notes, indicating S&P’s expectation of average (30%-50%) recovery prospects in the event of a payment default.

S&P said the downgrade follows the group’s decision to miss some payments on certain debt obligations while nominating financial advisers and engaging in discussions with lenders for a debt restructuring.

Moody's lifts Angola

Moody’s Investors Service said it has upgraded Angola's government bond rating to Ba2 from Ba3 and changed the outlook to stable from positive.

The short-term ratings remain not prime.

The key drivers for Angola's Ba2 rating are the strong medium-term economic outlook, Moody's expectation that government credit metrics will continue to improve and that the government has demonstrated progress in implementing some structural reforms, despite very weak institutional framework.

Moody's lowers several Argentine companies to negative

Moody's Latin America Agente de Calificación de Riesgo said it has revised to negative from stable the outlook for several companies operating in Argentina, while ratings of all Argentine companies were affirmed.

The companies' outlook changes follow the revision in Argentinean government's Caa1 rating outlook to negative from stable on July 31, the agency said.

Affected companies include the following:

• Alto Parana SA with the Baa3 global foreign currency and Aaa.ar national foreign currency rating of the backed senior unsecured notes (guarantor Celulosa Arauco y Constitucion SA, rated Baa3 stable) affirmed. The outlook remains stable;

• Arcor SAIC with the B2 global foreign & national currency rating and Aa1.ar national foreign & national currency rating for the senior unsecured notes affirmed. The outlook remains stable;

• Raghsa SA with the Caa1 global local currency corporate family rating and Baa3.ar national local currency corporate family rating and the Caa1 global foreign currency rating and Baa3.ar national foreign currency rating for the senior unsecured notes affirmed. The outlook was changed to negative from stable;

• YPF SA with the Caa1 global local currency issuer rating and Baa1.ar national local currency issuer rating affirmed. The outlook was changed to negative from stable; and

• Pan American Energy LLC, Argentine Branch with the B2 global local currency rating and Aa1.ar national local currency rating for the senior unsecured bank credit facility affirmed. The outlook remains stable.

Moody’s said that the rating outlook revisions for these companies were triggered by the change to negative in the outlook for the Argentine government's Caa1 rating, as holders of Argentine foreign legislation bonds restructured in 2005 and 2010 had not received their scheduled payment on July 30, following a 30 day grace period from the original June 30 payment date.

Fitch lowers Croatia

Fitch Ratings said it has downgraded Croatia's long-term foreign currency issuer default rating to BB from BB+ and local currency issuer default rating to BB+ from BBB-.

The outlooks are stable.

Fitch noted that the issue ratings on Croatia's senior unsecured foreign and local currency bonds have also been downgraded to BB from BB+ and BB+ from BBB-, respectively, while the country ceiling has been lowered to BBB- from BBB. The short-term foreign currency issuer default rating has been affirmed at B.

The downgrade of Croatia's long-term issuer default ratings reflects that Fitch believes there are increasing risks regarding Croatia's ability to stabilize its high public debt/GDP ratio over the medium term, the agency stated.

Fitch keeps Samruk-Energy on watch

Fitch Ratings said it is maintaining JSC Samruk-Energy's ratings, including its long-term foreign currency issuer default rating of BBB, on rating watch negative.

The watch reflects uncertainty regarding the state's willingness to support the company's credit metrics while encouraging its acquisitive and capital-intensive strategy, the agency noted.

Fitch said it will re-assess the ties between Samruk-Energy and its ultimate sole shareholder, the Kazakh State, following the determination of the final funding structure for the recent large acquisition of LLP Ekibastuzskaya GRES-1.

Moody's: Gol Linhas up to positive

Moody's America Latina said it affirmed the B3 and Ba3.br ratings assigned to Gol Linhas Aereas Inteligentes and to VRG Linhas Aereas SA’s fifth debentures due in 2017. The outlook was changed to positive from stable.

The positive outlook reflects Moody's belief that Gol should be able to sustain the improvements in operating margins and cash flow generation that it achieved since the end of 2012.

The company significantly reduced capacity in step with its domestic market peers in pursuit of higher yields and streamlined its costs to help mitigate earnings pressure of the weakening real currency, the agency noted.

Fitch rates People's Leasing debentures AA-(lka)

Fitch Ratings said it has assigned People's Leasing & Finance plc's (B+/AA-(lka)/stable) proposed senior unsecured debentures of up to LKR 3 billion an expected national long-term AA-(lka)(exp) rating.

The issue is expected to have tenors of three and four years with fixed-rate coupon payments, and the company expects to use the proceeds for working capital purposes.

The proposed debenture is rated in line with plc's national long-term rating of AA-(lka), given that the issue is expected to rank equally with the company's senior unsecured creditors, Fitch stated.

Moody's rates Times Property notes B2

Moody’s Investors Service said it has assigned a definitive B2 rating to Times Property Holdings Ltd.'s RMB 900 million of 10 3/8% three-year senior unsecured notes due July 2017.

The outlook is stable.

The proceeds from the bond will be used to refinance existing indebtedness of the company and fund general working capital, the agency stated.

S&P affirms Barbados

Standard & Poor’s said it affirmed its BB- long-term and B short-term sovereign credit rating on the government of Barbados.

The outlook remains negative.

S&P said the ratings on Barbados reflect its large fiscal deficits and high debt burden, as well as its limited fiscal flexibility. However, the country has a stable, predictable, and mature political system, which benefits from consensus on major economic and social issues, including support from the private sector and trade unions for the government’s ongoing fiscal and structural adjustment program.

S&P affirms Braskem

Standard & Poor’s said it affirmed its BBB- global scale and brAAA national scale corporate credit ratings on Braskem SA.

The outlook remains stable.

S&P said the rating affirmation reflects S&P’s expectation that the company will continue to improve its credit metrics, with expected net debt to EBITDA and funds from operations to net debt of 3.0x-3.5x and 25%-30%, respectively, in 2014 and 2015, amid a more challenging economic scenario in Brazil.

S&P affirms Coca-Cola Femsa

Standard & Poor’s said it affirmed its A- corporate credit and debt ratings on Coca-Cola Femsa SAB de CV.

The outlook remains stable.

“The rating affirmation reflects our view that KOF’s operating and financial performance have remained in line with our expectations following the intensive M&A activity during 2013 and despite the sluggish economies in several countries where it operates, coupled with the tax reform implementation in Mexico,” said S&P credit analyst Laura Martinez in a news release.

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