Moody’s eyes Russian issuers for cuts

Moody's Investors Service said it is reviewing for downgrade the ratings of Russian non-financial corporates. The rating actions follow the sovereign rating action on the government of Russia which took place Friday, when Moody's placed Russia's Baa3 long-term issuer, domestic- and foreign-currency, and senior unsecured, domestic-and foreign-currency, ratings. Russia's local- and foreign-currency country ceilings remained unchanged at Baa1 and Baa2, respectively.

The review was triggered by Russia's further military operation in Ukraine which started on Feb. 24, and reflects the damaging implications for Russia's credit profile from the additional and more severe sanctions being imposed, the agency said.

“The review period will allow Moody's to evaluate the scale of the military conflict and the impact of further sanctions including their scope, the sectors targeted and the degree of coordination between Western countries and ultimate severity of their impact on Russia's credit profile,” the agency said in a press release.

The companies are: PJSC PhosAgro, PhosAgro Bond Funding DAC, Sibur Holding, PJSC, Sibur Securities DAC, Novatek, Novatek Finance Ltd., Gazprom, PJSC, Bashneft, Gazprom Neft PJSC, GPN Capital SA, Rosneft, Rosneft International Finance Ltd., Tatneft PJSC, Gaz Finance plc, Gaz Capital, Metalloinvest Finance DAC, PJSC Polyus, Polyus Finance plc, MMC Norilsk Nickel, PJSC, MMC Finance DAC, PJSC Alrosa, Alrosa Finance SA, Federal Passenger Co., Idgc Of Urals, Rosseti Center and Volga region, PJSC, Rosseti Lenenergo PJSC, Rosseti Moscow Region PJSC, Rosseti Volga PJSC, Federal Grid Finance DAC, FGC UES, PJSC, Transneft, PJSC, Sovcomflot, SCF Capital DAC, NLMK, Steel Funding DAC, Magnitogorsk Iron & Steel Works, MMK International DAC, PAO Severstal, Steel Capital SA, Russian Railways JSC, RZD Capital plc, Mobile Telesystems PJSC, MTS International Funding Ltd., Atomenergoprom, JSC, Inter RAO, PJSC, RusHydro Capital Markets DAC, RusHydro, PJSC, Lukoil, PJSC, Lukoil Capital DAC and Lukoil International Finance BV.

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