Bulletin: Nidda BondCo's Russian Business Reorganization Adds Transparency For Its Investor Base

This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 10, 2023--S&P Global Ratings today said that Nidda BondCo GmbH's (B/Stable/--) announced transfer of its Russian business to a direct subsidiary of the company outside the restricted group, namely Nidda Lynx S.a.r.l., will have no direct effects for the group's Russian day-to-day operations and no rating impact, although it will add transparency for investors. The internal reorganization was structured as a noncash transfer, in compliance with the terms of the group?s indebtedness. The group?s Russian business operates self-sufficiently and generates positive cash flow. The reorganization leaves the business' ultimate beneficial ownership unchanged. It is the result of a protracted process subject to regulatory approvals and other conditions.

...October 10, 2023 This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 10, 2023--S&P Global Ratings today said that Nidda BondCo GmbH's (B/Stable/--) announced transfer of its Russian business to a direct subsidiary of the company outside the restricted group, namely Nidda Lynx S.a.r.l., will have no direct effects for the group's Russian day-to-day operations and no rating impact, although it will add transparency for investors. The internal reorganization was structured as a noncash transfer, in compliance with the terms of the group's indebtedness. The group's Russian business operates self-sufficiently and generates positive cash flow. The reorganization leaves the business' ultimate beneficial ownership unchanged. It is the result of a protracted process subject to regulatory approvals and other conditions. The customer, supplier, and other business relationships between the two groups will continue. From a strategic perspective, we expect that separation...

Bulletin