Fitch cuts Russian port, airport mangers

Fitch Ratings said it lowered the ratings for three Russian port and airport operators, citing the recent downgrade of Russia’s foreign-currency sovereign rating to B from BBB and rating watch negative.

The agency trimmed Deloports LLC to B from B+ and Global Ports Finance plc, Global Ports Investments plc and JSC First Container Terminal's (together Global Ports) foreign- and local-currency ratings B from BB+.

Fitch also hacked the ratings for DME Ltd. and DME Airport DAC's (together DME) to CCC from BB.

“The downgrades of transport infrastructure operators reflect increased pressure on the companies' credit profiles resulting from the significant ruble depreciation impinging on U.S. dollar-denominated debt, expected material contraction in domestic demand and import/export operations as well as the heightening refinancing risk. The RWN reflects the potential for further negative rating action, given the limited visibility of the development of the Russian economic and legal environment,” the agency said in a press release.

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