Hint mode is switched on Switch off
  • High performance interface for global bond market screening
  • Full information on close to 500,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 100 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

S&P: Brand Development Inc. Downgraded To 'D' On Missing Scheduled Interest And Principle Payments

April 28, 2009 "Standard & Poor's"
MOSCOW (Standard & Poor's) April 28, 2009--Standard & Poor's Ratings Services said today that it had lowered its long-term corporate credit rating on Russian fresh produce distributor Brand Development Inc. (Sunway) to 'D' from 'CCC+'. At the same time, the Russia national scale rating was lowered to 'D' from 'ruBB'.

"After the information appeared in an article published by Kommersant newspaper on April 24, 2009, Sunway's management confirmed to us that it had missed scheduled payments of interest and principal on its bank loans and that Sunway was unlikely to make timely and full payments on its remaining debt, including $27 million still outstanding after a put option on its total $50 million credit linked notes issue maturing in May 2009," said Standard & Poor's credit analyst Anton Geyze.

Sunway's management also confirmed that it had filed for liquidation of its two key operating subsidiaries, Sunway-group and Rusagro.

According to Sunway's latest audited financials for the year ended June 30, 2008, its reported debt totaled $262 million.
Company — Sunway Group
  • Full name
    Sunway Group
  • Registration country
  • Industry
    Trade and retail