S&P LOWERS INTERPIPE TO 'CC' ON BELOW-PAR BOND OFFER ANNOUNCEMENT

摘要

Standard & Poor's Ratings Services has lowered to 'CC' from 'B' its long-term corporate credit rating on Ukrainian steel pipe producer Inter-pipe Ltd, the ratings agency said in a statement on December 17. At the same time, the long-term rating on the company's senior unsecured debt was lowered to 'C' from 'B-', and the Ukrainian national scale rating to 'uaCC' from 'uaBBB'. The recovery rating on Interpipe's unsecured notes remains at '5', indicating the agency's expectation of modest (10 percent-30 percent) recovery in the event of a payment default. The oudook is negative.