Moody’s raises Sovcomflot, debt

Moody's Investors Service said it upgraded Sovcomflot PAO’s corporate family rating to Ba1 from Ba2 and probability of default rating to Ba1-PD from Ba2-PD.

At the same time, the agency upgraded Sovcomflot’s senior unsecured issuer rating and the senior unsecured rating of the $800 million eurobond issued by SCF Capital Ltd., and guaranteed by SCF on the back of improvements to the company's standalone credit quality (baseline credit assessment upgraded to ba3 from b1), to Ba2 from Ba3.

Moody’s said the upgrade takes into consideration that the company is proactively addressing its liquidity management, notably the refinancing of $800 million bond maturity in 2017.

The outlook on all ratings is negative (in line with support provider).

© 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.