Fitch trims EN+

Fitch Ratings said it downgraded EN+ Group IPJSC's long-term foreign and local currency issuer default ratings to B+ from BB-. The outlook is stable.

The downgrade follows the approval by the board of directors of the acquisition of a 21.37% stake in EN+ from VTB Group for $1.58 billion by one of EN+'s subsidiaries. The company expects the deal to be debt-funded and to be completed on Feb. 12.

“We forecast EN+'s funds from operations (FFO) net adjusted leverage (excluding dividends from 56.88%-owned United Co. Rusal plc (UC Rusal; BB-/Negative)) to deteriorate to above 5x, which will be commensurate with a B+ rating,” Fitch said in a press release.

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