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14 февраля 201109:27

Standard & Poor's demotes X5 Retail Group

The international rating agency demoted the long-term credit rating of X5 Retail Group N.V. – the proprietor of a major retail grocery chain – and its daughter enterprises from BB- down to B+. the rating outlook is Stable. The rating of the company’s priority unsecured ruble bonds (issued by the daughter enterprise X5 Finance) was reduced from BB- to B+ and placed on CreditWatch with Negative outlook. What’s more, the ratings of X5 Finance and Agrotorg were called off altogether.
14 февраля 201109:27

Technosila declared bankrupt

Moscow Region Arbitration court declared Technosila, the company managing Technosila electronic goods and household appliances chain store, bankrupt, Russian Agency for Legal & Court Information reports. The court made the company undergo bankruptcy proceedings for six months and appointed the company’s acting CEO Sergey Petrov the trustee in bankruptcy. The trustee announced in the course of the hearing that no evidence of the company going deliberately bankrupt was found. Technosila now has eleven creditors, whose claims total to 11.25bn RUR.