Standard & Poor’s has downgraded 3i’s credit rating to BBB, just two notches above junk status, citing volatile investment performance and persistent negative cash flow.
The $10bn Russian state-backed vehicle and a consortium of investors have acquired a stake in energy company Enel OGK-5, in a deal potentially worth $750m.
Russia is seeing an upturn in private equity activity, according to new figures from Ernst & Young, with deal value in 2011 double 2010 levels and deal volume also creeping upwards.