| From Propertyeu.info: Russian property development companies are likely to be among the worst hit by the deteriorating financing environment, Fitch Ratings said this week. 'This is because of a large share of short-term debt in their liquidity profiles, their often significant operational cash outflows, limited cash-on-balance sheet and a virtual absence of meaningful committed undrawn facility headroom,' the rating agency said.
Although the state-owned bank VneshEconomBank (VEB) is to provide up to $50 bln to help refinance Russian corporate debt, the ratings agency remains sceptical, saying that this will simply provide short-term support rather than a long-term solution to liquidity risks in Russia..... Full Article: Source
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