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The international rating agency Fitch has downgraded the long-term foreign currency issuer default ratings of 28 Russian commodity companies to ‘CC’.
The rating actions affect Gazprom, Gazprom Neft, Tatneft, NOVATEK, LUKOIL, Bashneft, Eurasia Drilling Co., Yakutsk Fuel and Energy Company, Severstal, NLMK, Magnitogorsky Metallurgical Plant, Evraz, Metalloinvest, Norilsk Nickel, Nord Gold, Polyus, Petropavlovsk, ALROSA, PJSC Koks, SUEK, Rusal, VSMPO-Avisma, SIBUR , Kazanorgsintez, EuroChem, Acron, Uralkali, PhosAgro.
In addition, Fitch has downgraded the long-term foreign currency issuer default ratings of 20 Russian regions to ‘C’. In particular, the ratings of Moscow, St. Petersburg, Novosibirsk, Moscow Region, Novosibirsk Region, Sverdlovsk Region, Nizhny Novgorod Region, Kirov Region, Yaroslavl Region, Chelyabinsk Region, Orenburg Region, Lipetsk Region, Yamalo-Nenets Autonomous Okrug, Krasnoyarsk Territory, Altai Territory, Stavropol Territory, the Republics of Sakha (Yakutia), Mari El, Bashkiria and Tatarstan.
The rating action follows another downgrade of Russia’s ratings and “reflects new constraints that could adversely affect companies’ ability to service their debt,” the agency said in a press release.
Source: Rosbalt
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