Fitch upgrades Sovcomflot

Fitch Ratings said it upgraded Sovcomflot's long-term foreign-currency issuer default rating to BBB- from BB+. Fitch also boosted SCF Capital DAC’s senior unsecured notes, which Sovcomflot guarantees to BBB- from BB+.

“The upgrade reflects the reassessment of SCF's stand-alone Credit Profile (SCP) to bb+ from bb due to a strengthening of SCF's business and financial profile. This is supported by cash-flow visibility with half of total time charter equivalent (TCE) revenue coming from industrial business (LNG/LPG carrier and offshore services) with long-term contracts and creditworthy counterparties,” Fitch said in a press release.

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