Fitch lifts Sovcomflot

Fitch Ratings said it upgraded PAO Sovcomflot's long-term issuer default rating to BB+ with stable outlook from BB/positive.

Fitch also upgraded SCF Capital DAC’s senior unsecured notes, which are guaranteed by Sovcomflot, to BB+.

“The upgrade reflects SCF's improved business profile due to an expansion in industrial business, which contributed about 57% in total time charter equivalent (TCE) revenue in 2018, up from 34% in 2016,” the agency said in a news release.

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