Fitch cuts two Russian issuers

Fitch Ratings said it downgraded Russian corporate issuers following Fitch's multi-notch downgrade of the sovereign ratings as Russia has attacks across multiple fronts in Ukraine, including Kyiv. It also reflects related economic sanctions imposed by other countries and initial measures taken by the Russian government and central bank, which increases the issuers' operating risks and may reduce companies' ability to make foreign payments to service their financial obligations.

The agency lowered X5 Retail Group NV’s long-term foreign-currency issuer default rating to B from BB+ and its local-currency IDR to BB- from BB+. X5’s ruble-denominated debt is issued through X5 Finanse LLC.

Fitch also cut JSC Holding Co. United Confectioners to B- from B. Its ruble-denominated bonds are issued through OOO United Confectioners-Finance, which was also cut to B-.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.