Moody's lowers Sovcomflot

Moody's Investors Service said it downgraded to Baa2 from Baa1 the issuer rating of Sovcomflot and affirmed its Aaa.ru long-term national scale rating.

The outlook is stable.

"Today's rating action reflects Moody's decision to lower the government support assumptions for the company," Marco Vetulli, a Moody's vice president said in a statement.

"Although the rating agency continues to believe that SCF enjoys a high degree of support from the Russian government, the one-notch downgrade reflects the view that, in the current market conditions, such support provides a lower level of enhancement to the company's own creditworthiness."

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