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Fitch Revises JSC OPIN’s Outlook to Negative; Withdraws Ratings

March 13, 2009 | "Fitch Ratings"

Fitch Ratings-London/Moscow-13 March 2009: Fitch Ratings has today revised the Outlooks on Russian property developer JSC OPIN’s (OPIN) Long-term Issuer Default Rating (IDR) and National Long-term Rating to Negative from Stable. The agency has simultaneously affirmed OPIN’s Long- and Short-term IDRs at 'B' and National Long-term Rating at 'BBB(rus)'. At the same time, Fitch has withdrawn OPIN’s ratings. The agency will no longer provide ratings or analytical coverage on this issuer.

The Outlook revisions reflect OPIN’s exposure to an increasingly weak Russian real estate market, which will likely lead to significantly reduced profitability, asset values and operating cash flows during 2009 and 2010. Although Fitch expects OPIN to have adequate headroom under its covenants and sufficient liquidity to meet its commitments during 2009, it is likely that 2010 will be more challenging if, as expected, weak property market conditions persist and external financing to the sector remains rationed.

Company: INGRAD (PAO)

Full company namePAO INGRAD
Country of riskRussia
Country of registrationRussia
IndustryConstruction and development

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