ֳ

Rating Action Commentary

ֳ Rates Macedonia's EUR270m Eurobond 'BB+'

Tue 01 Dec, 2015 - 5:12 AM ET

ֳ-London-01 December 2015: ֳ has assigned Macedonia's EUR270m Eurobond issuance, maturing 1 December 2020, with a coupon of 4.875% a 'BB+' rating.

KEY RATING DRIVERS
The rating is in line with Macedonia's Long-term foreign currency Issuer Default Rating (IDR) of 'BB+', on which the Outlook is Negative.

RATING SENSITIVITIES
The rating would be sensitive to any changes in Macedonia's Long-term foreign currency IDR. On 21 August 2015, ֳ revised the Outlooks on Macedonia's Long-term foreign and local currency IDRs to Negative from Stable and affirmed the IDRs at 'BB+'.

Contact:
Primary Analyst
Ed Parker
Managing Director
+44 20 3530 1176
ֳ Limited
30 North Colonnade
London E14 5GN

Secondary Analyst
Kit Ling Yeung
Associate Director
+44 20 3530 1527

Committee Chairperson
Charles Seville
Senior Director
+1 212 908 0277

Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com.

Additional information is available on

Date of relevant rating committee: 19 August 2015

Applicable Criteria
Sovereign Rating Criteria (pub. 12 Aug 2014)

Additional Disclosures
Solicitation Status
Endorsement Policy


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PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

Solicitation Status

The ratings above were solicited and assigned or maintained at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

ENDORSEMENT POLICY

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