REUTERS
Fitch Ratings has affirmed Ukraine-based Interpipe Limited's (Interpipe) Long-term Issuer Default Rating (IDR) at 'RD' (Restricted Default).
"The senior secured rating of the company's 2017 eurobonds has been affirmed at 'C'. The bond's Recovery Rating is 'RR5,'"Fitch said in a statement.
"We downgraded Interpipe's Long-term IDR to 'RD' in November 2013 following an uncured payment default. Interest payments are no longer being made," reads the statement.
Fitch notes that "Interpipe continues to face a very challenging sales environment in both its key product segments of pipes and wheels." "Interpipe continues to hold discussions with its lending group regarding a restructuring of principal debt repayments," according to the statement.
Read alsoFitch: Ukraine banks - Elusive recovery despite debt agreements"Under the proposed timeline for these talks, Interpipe is scheduled to put a formal proposal to bank and bond creditors by the end of 2015," the report says.
https://www.fitchratings.com/site/fitch-home/pressrelease?id=993082