S&P cuts QIWI

S&P said it downgraded QIWI plc’s rating to CCC- from BB-.

“The multi-notch downgrade reflects our view that Qiwi, a Cyprus-based holding company, faces increasing constraints to meet its short-term financial obligations with investors, following deteriorated operating conditions in Russia and the imposition of capital controls. We expect these to have important implications for its key Russia-based payment services subsidiary, Qiwi Bank,” the agency said in a press release.

Qiwi’s RUB 5 billion bond due 2023, issued by Russia-based subsidiary Qiwi Finance LLC, with interest coupon payments denominated and payable in rubles is not rated by S&P.

The rating remains on negative watch.

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