Fitch Ratings has today downgraded the rating on the senior notes issued by Russian Factoring No. 1 S.A. (the issuer) to 'C' from 'B', removed the Rating Watch Negative (RWN), and assigned a Recovery Rating of 'RR6'. The rating on the mezzanine facility was downgraded to 'C' from 'CCC'. The Recovery Rating is 'RR6'. This is the second downgrade of the issuer's obligations following a 16 December 2008 action.
Russian Factoring No. 1 S.A. is the securitisation of factored trade receivables sold by CJSC Eurokommerz FC, a Russian factoring company. After the early amortisation of the transaction was triggered at the beginning of December 2008, Eurokommerz defaulted on several of its corporate debt obligations which were due at the end of last year.
