Ekotechnika GmbH: Creditreform downgrades rating to D

• Downgrading reflects bondholders’ approval of the restructuring

Walldorf, 12 May 2015 – As had been expected, Creditreform Rating AG today adjusted its rating for Ekotechnika GmbH, the German holding company of the EkoNiva-Technika Group, the largest dealer of international agricultural machinery in Russia, from C (watch) to D (Default). The adjustment was made in response to the results of the second meeting of the holders of the Ekotechnika bond 2013/2018 (ISIN: DE000A1R1A18) of 6 May 2015, according to which the bondholders support the restructuring of Ekotechnika GmbH.

The planned restructuring including the debt-to-equity swap, which was approved by a large majority of the bondholders at the meeting, is rated as a default by Creditreform. After completion of the restructuring measures and the conversion of Ekotechnika into a joint stock company, the rating agency will reassess the company’s situation and award a new rating.