Russia's SUAL International ratings withdrawn at co request

MUMBAI - Standard & Poor's Ratings Services said it has withdrawn its 'BB-' long-term corporate credit rating and 'ruAA-' Russia national scale rating on Russia-based aluminium company SUAL International Ltd at the company's request. At the time of withdrawal, the ratings on SUAL were on CreditWatch with positive implications, where they were placed following the announcement of the planned combination with Russia's largest aluminium company Rusal and the aluminium assets of Glencore International AG.

The transaction was completed in March, with the newly created entity, United Company Rusal (not rated), being the world's largest aluminium company.

'We cannot assess what the likely eventual rating on SUAL would have been if the CreditWatch had been resolved, because there is little clarity on United Company Rusal's financial profile... and the status of SUAL's creditors relative to other creditors of the combined entity,' S&P said.