S&P lowers Federal Passenger

Standard & Poor’s said it lowered the ratings on JSC Federal Passenger Co. to BB+ from BBB-.

The outlook is negative.

The downgrade follows a similar action on Russia, S&P said.

The agency said it continues to see a high likelihood that the Russian government will provide timely and sufficient extraordinary support to the company in the event of financial distress. The company’s stand-alone credit profile is assessed at BB+.

The negative outlook reflects an expectation that the ratings will remain capped by the foreign-currency sovereign ratings on Russia, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.