Fitch affirms Sovcomflot

Fitch Ratings said it affirmed PAO Sovcomflot's long-term issuer default rating at BB and maintained its positive outlook.

The agency also affirmed SCF Capital DAC’s senior unsecured notes, which are guaranteed by Sovcomflot, at BB.

Fitch said the affirmation reflects its expectations that excessive FFO adjusted net leverage at end-2017 is temporary and that the company will maintain a robust financial profile over 2018-2021.

The agency forecasts FFO adjusted net leverage to be average 5 times over 2018-2021.

The rating also incorporates the company's strong business profile with large scale, healthy share of long-term contracts, fairly young and specialized fleet and diversified customer base, Fitch explained.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.