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S&PBULLETIN: Sual 'BB-' Rating Unchanged On Press Reports

August 31, 2006 | Cbonds

Standard & Poor's Ratings Services said today that its ratings and outlook on Russia-based aluminum company Sual International Ltd. (BB-/Stable/--) remain unchanged following press reports concerning a nonbinding agreement for Sual to merge with Rusal, another Russian aluminum company, and Glencore International AG's (BBB-/Stable/A-3) alumina assets.
There is a high amount of uncertainty about whether the deal will proceed and, if it does, what implications it would have for the combined group's financial profile and financial policy in areas such as acquisitions, dividends, and debt. If such a transaction were to occur, Standard & Poor's would treat it as a special event that is not currently factored in the ratings or outlook on Sual.
Press reports about this transaction and related financial details (notably whether any pre-merger or merger-related cash payments are being considered) have not been confirmed by any of the companies involved. Although we believe that a combined entity would enjoy a strong business profile, with a diversified asset base and low cost profile, potential rating implications for Sual cannot be evaluated at this stage due to major uncertainty on the financial side.

Company: SUAL

Full company nameopen joint stock company SUAL
Country of riskRussia
Country of registrationRussia
IndustryNon-ferrous metals


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