Russian Heavy Engineering Company OMZ 'B-/ruBBB' Ratings Suspended Due To Lack Of Information
June 15, 2012 Standard & Poor's
LONDON (Standard & Poor's) June 15, 2012--Standard & Poor's Ratings Services said today that it suspended its 'B-' long-term corporate credit rating and its 'ruBBB' Russia national scale long-term rating on Russia-based heavy engineering holding company OMZ. At the time of the suspension, the outlook was stable.
The ratings suspension reflects the lack of sufficient and timely information necessary for us to maintain surveillance of the ratings on OMZ, in accordance with our standards. The lack of information restricts our ability to assess the company's liquidity position and business and financial risk profiles.
OMZ last published detailed consolidated audited financial statements complying with International Financial Reporting Standards in May 2012, for the year ended Dec. 31, 2011. We believe that the lack of sufficient and timely information, which we view as crucial for maintaining the rating, may reflect changes in the management team in the past 12 months, and in our view may be rectified in the coming months.
Standard & Poor's may suspend a rating if we foresee that we could reinstate the rating at a later date. The rating suspension does not imply that OMZ is not servicing its financial obligations, or that the company's operations have deteriorated, but rather that sufficient information is not available to us to determine our opinion of the company's credit quality. We may reinstate the ratings on OMZ after the receipt and analysis of the information that we need to maintain the ratings, and if we believe such information will be supplied on an ongoing basis. Should we not receive sufficient reliable information to maintain the rating, we will withdraw the rating.
Company — UHM
Full nameUHM (United Heavy Machinery) (Uralmash-Izhora Group) PJSC