The noose tightened around oil company Yukos?s neck last month and bankruptcy loomed large only weeks before the trial of its former CEO Mikhail Khodorkovsky was due to start.
Standard & Poor?s struck the first blow by dramatically cutting Yukos?s credit rating five notches from BB?, one of Russia?s highest corporate ratings, to CCC. Moody?s followed suit the same day, cutting the company?s senior implied rating three notches from Ba1 to B1.
Yukos CFO Bruce Misamore admitted at a conference a week later that creditors were becoming increasingly nervous and that the company had received a ?Potential Event of Default? notice from a syndicate of banks that have lent it $1 billion.
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