Fitch cuts Russian transporters

Fitch Ratings said it lowered ratings for five Russian transport companies and placed their ratings on rating watch negative.

The downgrades and RWNs reflect the severe shock to the operating environment in Russia and weakened financial flexibility, and follow the agency's downgrade of Russia's sovereign ratings on Wednesday, the agency said.

Fitch said it cut PJSC Aeroflot – Russian Airlines’ long-term foreign- and local-currency issuer default ratings to B- from BB, PAO Sovcomflot’s long-term foreign-currency IDR to B from BBB-, Freight One’s long-term foreign-currency IDR to B from BBB- and its local-currency IDR to B+ from BBB-, Globaltrans Investment plc’s long-term foreign-currency IDR to B from BBB- and long-term local-currency IDR to B+ from BBB- and Far-Eastern Shipping Company plc's long-term foreign- and local-currency IDRs to B from B+.

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