Fitch downgrades Rusal

Fitch Ratings said it downgraded Rusal plc’s long-term issuer default rating to B+ from BB-. The agency also downgraded Rusal Capital DAC’s senior unsecured notes rating to B+ from BB.

“The downgrade reflects our expectation of a further delay in deleveraging with funds from operations (FFO) gross and net leverage remaining materially above our previous negative sensitivities of 3.5x (2019: 4.7x) and 3x (3.7x), respectively, at least until 2022,” said Fitch in a press release.

The outlook is stable.

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