Moody's: Metinvest missing $114 million repayment of outstanding 2015 notes is credit negative

12:09, 22.05.2015 1 min read

Moody's Investors Service (Moody's) has said that it views as Metinvest B.V. (Metinvest, Caa3 negative)as having negative credit as it has not repaid $114 million outstanding 10.25% notes maturing on 20 May 2015.

However, Moody's notes that this missed payment has no immediate impact on the company's Caa3 corporate family rating (CFR), D-PD probability of default rating (PDR), or negative outlook, Moody's reported on Thursday.

The current ratings reflect the company's continuing default on its debt obligations, Moody's said.

This non-payment was anticipated following the previous consent solicitation launched in April 2015 as the company indicated it didn't have sufficient sources to repay its debt in due course.

Moody's said that Metinvest summons a meeting of holders of notes due in 2015, 2017 and 2018 worth $1.2 billion, which will be held on June 1, 2015.