S&P sinks Russian issuers

S&P said it downgraded various Russian corporate issuers to CC, the same rating as Russia’s foreign-currency sovereign rating, and withdrew their ratings. The agency lowered the foreign-currency and local-currency ratings.

“We consider the debt of Russian companies highly vulnerable to nonpayment, since Eurobonds they issued may face technical payment difficulties, due to international sanctions, and some nonresident holders of local currency debt may also be unable to receive certain debt-service payments in full and on time,” S&P said in a press release.

The companies are: PJSC Alrosa, Deloports LLC, Federal Grid Co. of the Unified Energy System, Gazprom Neft PJSC, Gazprom Capital, Gazprom PJSC, Holding Co. Metalloinvest, Lukoil PJSC, NLMK, Novatek, Phosagro PJSC, Rostelecom, Rushydro PJSC, Russian Railways JSC, Severstal, Sibur Holding PJSC, Mobile Telesystems PJSC, Sistema PJSFC, Sovcomflot and TMK PAO.

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