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July 13, 2018 www.intellinews.com I Page 29
bne:Credit Turkish conglomerate
Dogus’ creditors reportedly at odds on debt restructuring
Russian Railways is planning a RUB80bn bond with 100-year maturity
Creditors of Turkey’s Dogus Holding are at odds over the restructuring of some €2bn worth of debt, three unnamed sources told Reuters on July 9.
“There is a disagreement over the maturity. Akbank does not agree with the loan maturity offered by Yapi Kredi and Isbank,” one of Reuters’s sources said, adding the maturity could be between four and six years.
Dogus Holding has neither confirmed nor denied several reports that it is restructuring its own debt, but it has been selling down stakes in some of its top assets, including shrinking its holding in Dogus Restaurant Entertainment and Management (d.ream, the entertainment arm that owns Nusr-et), known for flamboyant international star chef Salt Bae, and other restaurant chains.
Russian Railways (RZD) is planning a RUB80bn ($1.3bn) bond with a 100 years maturity to finance part of the company’s RUB7.1 trillion investment programme, Vedomosti reported.
The bonds will be issued in either rubles or foreign currency,
and used to finance both current investment projects and develop- ment projects.
From the total of RUB7.1 trillion, the company is planning to bor- row RUB2.5 trillion from the markets with the rest coming from retained earnings.
RZD’s debt at the end of 2017 was RUB1.076 trillion, with a net debt to Ebitda ratio of 2.8, the company said in a recent presenta- tion. Since the beginning of the year, the debt burden has increased by 17%. At the end of 2018, RZD planned to increase its debt to RUB1.22 trillion with the debt to Ebitda ratio increasing to 3.1.
Fitch upgraded on July 9 Mongolia’s long-term local and foreign currency debt rating to ‘B’ from ‘B-’ with a stable outlook.
The upgrade reflects “ongoing improvements to fiscal and external metrics and progress in meeting key IMF programme targets,” the ratings agency said in a statement. Mongolia turned to the IMF for a $5.5bn rescue package last year. Fitch notes that the country has largely kept in line with the bailout programme’s requirements.
Fitch upgrades Mongolia’s debt ratings to ‘B’ with a stable outlook