S&P Global Ratings lowered its long-term credit rating on Samruk-Energy JSC to 'BB-' from 'BB'

December 22, 2016 - Cbonds

 

S&P Global Ratings today lowered its long-term corporate credit rating on Kazakhstan-based electricity group Samruk-Energy JSC to 'BB-' from 'BB', and placed it on CreditWatch with negative implications. We affirmed the 'B' short-term corporate credit rating.

We also lowered our Kazakhstan national scale long-term rating to 'kzBBB+' from 'kzA' and our issue rating on Samruk-Energy's $500 million senior unsecured notes due December 2017 to 'BB-' from 'BB', and placed both on CreditWatch with negative implications.
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Issuer: Samruk-Energy
Outstanding issues:
1 issuesUSD500,000,000
Issuer rating:
Expert RA KazakhstanA++/National Scale (Kazakhstan)11/01/2012
S&P Global RatingsBB-/Foreign Currency LT12/21/2016
S&P Global RatingsBB-/Local Currency LT12/21/2016
S&P Global RatingskzBBB+/LT National Scale (Kazakhstan)12/21/2016
Fitch RatingsBB+/StableLT Int. Scale (foreign curr.)02/15/2017
Fitch RatingsBB+/StableLT Int. Scale (local curr.)02/15/2017
Fitch RatingsAA(kaz)/StableNational Scale (Kazakhstan)02/15/2017