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Standard & Poor's revised downwards the long-term credit rating for Russia's
Standard & Poor's revised downwards the long-term credit rating for Russia's largest diamond producer Alrosa to BB- from BB over higher financial leverage and deteriorated liquidity, the international rating agency said on Wednesday.

At the same time, S&P kept Alrosa's short-term credit rating at B, with the company's ratings remaining on Credit Watch with negative implications.

Alrosa earlier reported that its net profit calculated to Russian Accounting Standards fell 62.3% year-on-year in January-September 2008 to 3.54 billion rubles ($131 million).

Alrosa, which accounts for 97% of Russian and 25% of global diamond output, produced diamonds worth $2.37 billion in 2007. The Russian government holds a 50.9% stake in the company.


Print Standard & Poor's revised downwards the long-term credit rating for Russia's Bookmark Standard & Poor's revised downwards the long-term credit rating for Russia's

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