Fitch slices VSK

Fitch Ratings said it downgraded VSK Insurance JSC’s issuer and senior unsecured ratings to CC from B+. The rating is on rating watch negative.

“Fitch's March 8 downgrades of Russia's sovereign and Country Ceiling considers a Russian presidential decree on March 5, which could force a redenomination of foreign-currency sovereign debt payments into local currency for creditors in specified countries, as well as central bank of Russia (CBR) regulation that has restricted the transfer of local-currency government debt coupons to non-residents since late last week,” the agency said in a press release.

VSK’s RUB 4 billion of variable-rate bonds are due April 5.

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