MOSCOW, September 4 (RIA Novosti) - Standard & Poor's assigned its B+ long-term corporate credit rating to Russian pipe producer TMK [RTS: TRMKG], the international rating agency said Monday.
S&P also assigned its B+ preliminary senior unsecured debt rating to TMK's proposed Eurobond (the final rating is subject to the receipt and review of final documentation and legal opinions), which will be issued by special-purpose vehicle TMK Capital S.A., the agency said.
"The ratings on TMK reflect the company's ambitious capital expenditure plans, improving but volatile margins, limited liquidity, and short track record as a combined group. These factors are offset by TMK's robust market positions and the currently favorable market fundamentals for seamless and large-diameter welded pipes," the agency said.
