Fitch downgrades Kazakhstan’s Temirbank to ’RD’ Ratings
24/11/2009 00:07
Fitch downgrades Kazakhstan’s Temirbank to ’RD’ Ratings
24/11/2009 00:07
Tashkent, Uzbekistan (UzDaily.com) -- On 23 November, Fitch Ratings has downgraded Kazakhstan-based Temirbank’s (Temir) Long-term Issuer Default Rating (IDR) to ’RD’ (Restricted Default) from ’CC’, thereby resolving the Rating Watch Negative (RWN) on the rating.
The downgrade follows Temir’s announcement that it has decided to cease interest, including default interest, and principal payments on wholesale financial obligations until it agrees and implements a restructuring of these obligations.
The restructuring plan is to involve the restructuring of Temir’s international bond guarantees and domestic bonds, certain trade finance-related transactions and certain related-party obligations. The bank’s IDRs will remain on ’RD’ until Temir has completed the expected restructuring of its outstanding debt and, in Fitch’s opinion, is able to comply with new terms negotiated with its creditors.
The rating actions affecting the bank are as follows:
$ 1 | 12697.00 | 0.000% |
1 | 13547.70 | 0.000% |
₽ 1 | 135.05 | 0.000% |