Fitch affirms Sitronics

Fitch Ratings said it affirmed JSC Sitronics' long-term issuer default rating and senior unsecured rating at B- and removed them from Rating Watch negative.

The outlook is negative.

Sitronics' credit profile has deteriorated significantly and is no longer commensurate with a B- rating on a standalone basis, Fitch said.

Ongoing financial and implied support from Sistema is critical for Sitronics' operating sustainability given its weak financial flexibility and constrained liquidity, the agency said.

The negative outlook reflects expectations that Sitronics will continue to be subject to revenue pressures, deteriorating credit protection measures and a poor competitive position, Fitch added.

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