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OJSC RBC Information Systems Ratings Cut To 'SD'; Ratings Withdrawn At Issuer's Request

December 30, 2008 | Standard & Poor's

Rationale
On Dec. 30, 2008, Standard & Poor's Ratings Services lowered its long- and
short-term corporate credit ratings on Russian media holding OJSC RBC
Information Systems to 'SD' from 'CC/C', indicating a selective default. The
Russia national scale rating on RBC was lowered to 'SD' from 'ruCC'.
The rating action reflects our belief that RBC Information Systems is not
meeting its payment obligations on some of its outstanding debt. We understand
that the company is currently renegotiating the terms of its existing
facilities with creditors. However, at this point, lenders have not yet agreed
to extend the tenor or waive the repayment schedule. Consequently, according
to our criteria, this situation is classified as selective default.
Following this rating action, Standard & Poor's will withdraw the ratings
at the company's request. The 'ruCC' rating on the Russian ruble bonds issued
by the company will also be withdrawn. Consequently, RBC Information Systems
will no longer be subject to surveillance by Standard & Poor's.


Ratings List
Downgraded
To From
OJSC RBC Information Systems
Corporate credit ratings SD/SD CC/Negative/C
Russia national scale rating SD ruCC

Ratings Affirmed
OJSC RBC Information Systems
Senior unsecured (Russia national scale) ruCC ruCC

Ratings Withdrawn
OJSC RBC Information Systems
Corporate credit ratings NR/NR SD/SD
Russia national scale rating NR SD
Senior unsecured NR ruCC

Company: RT Prof-Real

Full company nameRT Prof-Real
Country of riskRussia
Country of registrationRussia
IndustryOther sectors

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