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Moody’s may downgrade KOKS
Moody’s Investors Service said it placed on review for downgrade the B2 corporate family rating and B2-PD probability of default rating of JSC KOKS, along with the B3 (LGD 4) senior unsecured rating assigned to loan participation notes issued by KOKS Finance Ltd.
The downgrade review is due to heightened refinancing risk related to the company’s significant short-term debt maturities amid the weakening market environment for pig iron and coke, the company’s key products, Moody’s said.
The agency said it understands that KOKS is negotiating several new credit facilities with both domestic and foreign banks, which could address the liquidity shortage and allow for short-term debt maturities to be met on time.
But no legally binding documents are signed as yet, Moody’s said.
The ratings continue to consider the company’s small size and limited operational and geographic diversification, along with its debt-financed capital expenditure program and low product diversification, the agency said.
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