Press Releases / 18.12.2015
Press Release as of 18.12.2015
AK&M Rating Agency has lowered the national scale credit rating of Baltic Coast (CJSC) from 'C+', negative outlook (low creditworthiness), to 'D' (default).
The new rating downgrade follows the filing by Baltic Coast (CJSC) of a petition for bankruptcy to the commercial court of St. Petersburg city and Leningrad region on December 7, 2015. Besides, the company does not confirm its financial capacity to pay a total of RUB 89.8 million in another coupon on its bond issue 4-02-12372-J on December 25, which we regard as evidence of the Company's poor creditworthiness.
Baltic Coast (operating as part of the BALTIC COAST Group) was established on October 27, 2000 as a company specializing in the production and sales of fish and various kinds of fish products. The Company's core business activities currently include the breeding, processing and marketing of fish and fish products.
AK&M Rating Agency assigned a credit rating to Baltic Coast (CJSC) for the first time on May 27, 2011. The last rating action in relation to the Bank was taken on November 6, 2015. All rating action announcements are available on the akmrating.ru website.
This press release is based on the monitoring results of the current credit rating assigned to Baltic Coast (CJSC) and the Credit Rating Methodology for Corporates (Issuers) and Financial Assets as of August 10, 2015.
The rating, along with any information and conclusions provided in this press release, only conveys our creditworthiness opinion and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.
AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.
AK&M Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.
AK&M Rating Agency
Ul. Gubkina 3, Moscow, Russia
Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.