Fitch cuts GTLK

Fitch Ratings said it cut its ratings for JSC GTLK’s foreign- and local-currency issuer default ratings to CC from B and removed them from rating watch negative.

The foreign-currency downgrade follows Fitch cutting Russia's sovereign foreign-currency IDR to C from B on March 8, the agency said.

GTLK’s foreign-currency bonds were issued through its GTLK Europe DAC and GTLK Europe Capital DAC units.

Fitch said it sliced the local-currency rating to indicate the heightened default risk on GTLK’s ruble-denominated “bonds because of potential restrictions imposed by authorities on LC debt payments to certain international creditors under the presidential decree of March 5.”

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