Moody’s has saved the default rating of Metinvest
Edited by Rhod Mackenzie / 2015-05-22 12:12:07
Metinvest’s failing to settle euro bonds for $114 mln on May 20th has a negative impact, however, is not followed by immediate rating actions, Moody’s Investors Service said.
The agency said this non-payment was expected due to the announced by Metinvest suggestion to the holders of euro bonds of their restructuring due to the lack of funds for the full payment of debts.
Moody’s says that the corporate rating of Metinvest stays at the “Caa3” level with a negative forecast, the rating of a possible default is “D-PD” that reflects a continual default by the company’s obligations.
On June 1st Metinvest gathers the holders of euro bonds with the settlement in 2015, 2017 and 2018 issued for the total amount of $1.2 bln.
