International rating agency Standard & Poor's (S&P) has confirmed the long-term credit rating for Delance Ltd., the holding company for Russia's largest auto dealer group Rolf, the agency said on Thursday.
Last November, S&P raised Delance ratings. The company was assigned a "negative" outlook due to the high level of borrowed funds in its capital and a weak liquidity, occurring thanks to an unfavorable debt repayment structure on the bonds and a bleak outlook of the Russian car market.
Earlier that month, S&P downgraded Delance's long-term credit rating to selective default because of the need to hold an early repayment through redemption and conversion of bonds. The agency considered this a forced measure.
Rolf Group has 24 dealerships in Moscow and St. Petersburg. The company also includes Rolf imports, Rolf Logistics and Rolf Marine yacht dealership. They are also the exclusive Mitsubishi distributor in Russia, Kazakhstan and Kyrgyzstan.
MOSCOW, July 8 (RIA Novosti)
