Moody's ups Sovcomflot to 11

Moody's Investors Service said it affirmed the corporate family rating of Sovcomflot at Baa1 and raised the baseline credit assessment to 11 from 12.

The outlook remains stable.

The baseline credit assessment upgrade reflects "the improvement in the business profile of the company following the merger with Novoship, which doubled the size of the group both in term of revenues and fleet while the credit measures remained stable," Marco Vetulli, a Moody's vice president and lead analyst, in a written statement.

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