Moody's cuts Irkut

Moody's Investors Service said it downgraded to Ba2 from Ba1 the corporate family rating of Irkut Corp., along with the national scale rating to Aa2.ru from Aa1.ru.

The outlook is stable.

The downgrade reflects an expectation that the currently weak financial performance will not materially improve over the next years, Moody's said.

The ratings reflect the company's global default and loss expectation, the agency said.

The ratings remain constrained by the weak position with its most significant client, the Russian military, substantial global competition and a challenging operating environment, Moody's said.

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