Moody’s cuts Irkut to B1

Moody's Investors Service said it downgraded Irkut Corp., JSC’s corporate family rating to B1 from Ba3 and probability of default rating to B1-PD from Ba3-PD.

The outlook was changed to stable from negative.

Moody’s said the downgrade was driven by the continued deterioration in Irkut's standalone credit profile, as measured by the company's baseline credit assessment (BCA), which amplifies the company's reliance on government support for its daily operations during this heavy investment phase in MC-21 project implementation.

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