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03.10.2008 - MDM Comment: Moody's withdraws ChTPZ rating
Moody's said yesterday it took away the B1 rating from the Chelyabinsk Pipe Works (ChTPZ), one of Russia's top-3 pipe-makers. According to Moody's, rating withdrawal was the company's initiative. We think that most likely this is the way for ChTPZ to avoid a public rating downgrade. The fundamentally solid company is unfortunate to have a peak of its capex program and peak of debt levels amid liquidity crisis and somewhat weaker conditions in the pipe-making sector. Whatever the true reasons for the rating withdrawal are, we think it is definitely not good news for the creditors of the company, including the holders of recently placed RUB 8 billion 10% 1-year put ruble bond issue. With the B1 rating the bond had chances to be included in the Central Bank's Lombard List.
