×
For more information, get in touch with our team:
+44 7918 53 08 73
Hint mode is switched on Switch off
DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • 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

Fitch Downgrades Sitronics to 'CCC'; Withdraws Ratings

February 5, 2013 Fitch Ratings
Fitch Ratings-Moscow/London-05 February 2013: Fitch Ratings has downgraded Sitronics JSC's (Sitronics) Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B-' with a Negative Outlook. A full list of rating actions is at the end of this release. The agency has simultaneously withdrawn all the ratings.
Fitch has withdrawn the ratings as Sitronics has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Sitronics.
Sitronics' ratings are shaped by its weak operating profile of a struggling niche IT and technology company on a standalone basis benefiting from tangible shareholder support.
-Weak Operations
Sitronics' standalone profile remains weak conforming with a 'CC' rating. The group has undergone significant re-organisation over the past 12 months, and a new round of re-organisation seems to be in the pipeline. A transformational change would be required to improve the company's standalone profile.
- Shareholder Support Strong but May Diminish
Shareholder support has been material and timely and is likely to continue. The level of support from its ultimate shareholder, OJSC Sistema ('BB-'/Stable) is likely to depend on the strategic asset composition of Sitronics. Without pre-empting the outcome of the company's ongoing re-organisation, Fitch notes that Sistema's propensity for support may diminish if Sitronics ends up with fewer strategically important assets. The 'CCC' IDR factors in Sitronics' standalone credit profile of 'CC' lifted by one notch to 'CCC' on support from Sistema.
FULL LIST OF RATING ACTIONS
Long-Term IDR: downgraded to 'CCC' from 'B-' with a Negative Outlook, withdrawn
Local currency IDR: downgraded to 'CCC' from 'B-' with a Negative Outlook, withdrawn
National Long-Term Rating: downgraded to 'B+(rus)' from 'BB-(rus)' with a Negative Outlook, withdrawn
Senior unsecured debt in foreign currency: downgraded to 'CCC' from 'B-', 'RR-4', withdrawn
Senior unsecured debt in local currency: downgraded to 'CCC' from 'B-', 'RR-4', 'B+ (rus)' from 'BB-(rus)', withdrawn

Company — Sitronics
  • Full name
    OAO SITRONICS
  • Registration country
    Russia
  • Industry
    Other sectors