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Article: Rossiyskiy Kredit's Bank Loan Rating Cut to 'D'; Off Standard & Poor's Watch

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PR Newswire
Article date:
September 8, 1998
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LONDON, Sept. 8 /PRNewswire/ -- Standard and Poor's today lowered its bank loan rating on Rossiyskiy Kredit Bank's US$125 million syndicated loan to single-'D' from double-'C' and removed it from CreditWatch, where it was placed on Aug. 17, 1998. The bank's counterparty credit rating of not meaningful (N.M.) remains unchanged as does the double-'C' rating on the US$200 million eurobond due 2002 of Rossiyskiy Kredit Securities B.V. guaranteed by Rossiyskiy Kredit Bank. The eurobond remains on CreditWatch with negative implications.

The rating action follows the nonpayment of principal on Rossiyskiy Kredit's US$125 million syndicated loan due Sept. 2, 1998. ...

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