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Fitch Downgrades JSC Sistema-Hals to ‘B-’; Rating Watch Negative

October 16, 2009 Fitch Ratings
Fitch Ratings-London/Moscow-16 October 2009: Fitch Ratings has today downgraded Russian property developer JSC Sistema-Hals’s (SH) Long-term Issuer Default Rating (IDR) to ‘B-’ from ‘B, and the National Long-term rating to ‘BB-(rus)’ from ‘BBB-(rus)’. The agency has changed the Rating Watch on these ratings to Negative (RWN) from Evolving (RWE). The Rating Watch on the Short-term IDR ‘B’ has also been revised to Negative from Evolving.

The downgrade results from a combination of SH’s weakened underlying trading profile and uncertainty as to the level of support which may be forthcoming from SH’s main shareholders.

The Rating Watch is pending further clarification on parental support mechanisms related to SH. Should the resolution of the Rating Watch result in a downgrade of SH’s ratings, this could be by multiple notches. The Watch is expected to be resolved within the coming days.
Company — Hals-Development
  • Full name
    PJSC Hals-Development
  • Registration country
    Russia
  • Industry
    Construction and development