Standard & Poor’s has revised its forecast on the rating of TMK to ‘Negative’ and the ratings of ‘B+/ ruA’ are confirmed

Standard & Poor’s has revised the forecast on the rating of TMK from ‘Stable’ to ‘Negative’ and the ratings of ‘B+/ ruA’ are confirmed. Revision of the forecast on TMK’s ratings reflect weakening of the indices of the company’s margin in H1 2014 and the risk that the tendency can further on in H2 2014 and 2015 stipulating growth in debt burden. The ratio of ‘corrected debt/ EBITDA’ has increased to 5.1х as of June 2014 compared to 4.0x as of 2013.

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