Fitch cuts Russian Railways, others to negative

Fitch Ratings said it has revised the foreign and local currency outlooks on four Russian companies and affirmed the ratings of five companies.

The rating actions are following's change of Russia's foreign and local currency outlooks to negative from stable, which was prompted by a combination of economic and policy challenges, as well as the expected deterioration in the sovereign's balance sheet, albeit from an exceptionally strong initial position, the agency said.

Fitch noted that Russian companies whose issuer default outlooks have been revised and whose ratings have been affirmed are:

• JSC Russian Railways' long-term foreign currency issuer default rating affirmed at BBB+, outlook revised to negative from stable; long-term local currency issuer default rating affirmed at BBB+, outlook revised to negative from stable; short-term foreign currency issuer default rating affirmed at F2; short-term local currency issuer default rating affirmed at F2; national long-term rating affirmed at AAA(rus), outlook remains stable; and national senior unsecured rating affirmed at AAA(rus);

• Sukhoi Civil Aircraft JSC with long-term foreign currency issuer default rating affirmed at BB+, outlook revised to negative from stable; long-term local currency issuer default rating affirmed at BB+, outlook revised to negative from stable; short-term foreign currency issuer default rating affirmed at B; short-term local currency issuer default rating affirmed at B; senior unsecured rating affirmed at BB+; national long-term rating affirmed at AA(rus); outlook remains stable; and national short-term rating affirmed at F1+(rus);

• Federal Hydrogeneration Co. HydroOGK with long-term foreign currency issuer default rating affirmed at BBB-, outlook revised to negative from stable; and national long-term rating affirmed at AA+(rus); outlook remains stable; and

• OJSC OC Rosneft with long-term foreign currency issuer default rating affirmed at BBB-, outlook revised to stable from positive; long-term local currency issuer default rating affirmed at BBB-, outlook revised to stable from positive; and Rosneft Capital SA's debt issuance program affirmed at BBB-.

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