Fitch rates Global Ports notes BB

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB to Global Ports Investments plc.

Fitch also said it assigned an expected local-currency senior unsecured rating of BB with a stable outlook to the RUB 15 billion notes to be issued by First Container Terminal, a fully-owned subsidiary of Global Ports.

The outlook is stable.

The rating on the notes is aligned with Global Ports’ long-term local-currency issuer default rating as it benefits from an irrevocable offer to be issued by Global Ports.

The ratings consider the group’s dominant position in the Russian container market and its exposure to the current domestic economic downturn, the agency said.

The ratings also reflect an expectation that Global Ports’ leverage will progressively decline from its current high levels due to a shareholder-supported zero-dividend policy, Fitch said.

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