Moody's downgrades ratings of MHP and four issuers in Ukraine to Caa2; outlook negative
Moody's Investors Service has today downgraded to Caa2 the corporate family ratings (CFR) and Caa2-PD the probability of default ratings (PDR) of MHP S.A. and four other companies operating in Ukraine.
Moody's has also downgraded the national scale ratings (NSR) of MHP S.A. to B2.ua from Ba3.ua.
In addition, Moody's has downgraded to Caa2/(P)Caa2 senior unsecured ratings of notes issued by MHP S.A.
The rating outlook to all the above ratings is negative.
The rating action follows Moody's action to downgrade Ukraine's sovereign (government bond) rating to Caa3 from Caa2 with a negative outlook, and downgrade of the country's foreign-currency bond country ceiling to Caa2 from Caa1, on 4 April 2014.