Fitch rates Avtovaz long-term B-, short-term B

Fitch Ratings said it published ratings for JSC Avtovaz, including a long-term foreign-currency issuer default rating of B-, short-term foreign-currency issuer default rating of B, long-term local-currency issuer default rating at B-, short-term local-currency issuer default rating of B, national long-term rating of BB(rus), foreign-currency senior unsecured rating of CCC with a recovery rating of RR5 and local-currency senior unsecured rating of CCC with a recovery rating of RR5.

The ratings take into account the company's leading market position in Russia, especially in the ultra-budget and budget segments, Fitch said.

The agency noted that measures taken by the Russian government to support the local automotive industry contributed to the recovery of demand for new cars in 2010.

Relatively high import duties allowed domestic producers to cover the increasing demand, the Fitch said.

© 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.