Home News Fitch downgrades Russian energy, transportation and natural resource companies

Fitch downgrades Russian energy, transportation and natural resource companies

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The international rating agency Fitch downgraded the long-term and short-term ratings of a number of companies to “C”, “CC” and “CCC”, according to the agency’s website. Thus, the ratings of En + Group, Enel of Russia, Inter RAO UES, FGC UES, Rosseti Moscow Region, RusHydro, Rosvodokanal, Atomenergoprom have been modified. PJSC Freight One, Sovcomflot and Far Eastern Shipping Company ratings were also withdrawn.

To these are added the ratings of Metalloinvest, Polyus, Gazprom and Gazprom Neft, Tatneft, Bashneft, Lukoil, Novatek, Severstal, Sibur, Uralkali, Akron, PhosAgro and a number of other companies.

The Agency clarifies that ratings are lowered for reasons related to EU sanctions.

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On March 15, the European Union banned the assignment of credit ratings to legal entities, organizations and bodies established in Russia.

Earlier, Fitch Group announced that it had decided to suspend business in Russia. The suspension applies to credit ratings and other services provided by the Fitch Group through its Fitch Ratings and Fitch Solutions divisions.

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