April 11, 2016 | Cbonds
Standard & Poor's Rating Services today lowered its corporate credit rating on UkrLandFarming PLC to 'SD' (selective default) from 'CC'. We also lowered the issue rating on its senior unsecured notes to 'D' from 'CC'. We then suspended the ratings, due to lack of sufficient information.
The downgrade of UkrLandFarming to 'SD' and the lowering of our issue rating to 'D' reflects that the company has defaulted on some of its credit facilities, including payment of interest due on March 26, 2016, on $500 million notes maturing in 2018.
We have suspended the ratings to reflect the lack of sufficient information to adequately assess the company's corporate creditworthiness and make a well-informed rating decision.
If the company provides sufficient information within the next 90 days, we would assess this information to determine the rating outcome. However, if the level of information remains insufficient or is not of satisfactory quality to form a rating opinion, we will withdraw the ratings.
|Full company name||Ukrlandfarming Public Limited Company|
|Country of risk||Ukraine|
|Country of registration||Cyprus|