Moody's upgrades Sovcomflot

Moody's Investors Service said it has upgraded the ratings of Sovcomflot following an earlier decision by Moody's to upgrade Russia's long-term ratings and foreign-currency country ceiling to Baa2, with a stable outlook.

Sovcomflot's upgraded ratings include local currency issuer rating to Baa1 from Baa2 and foreign currency issuer rating, constrained by the Russian foreign-currency ceiling, to Baa2 from Baa3.

The outlook is stable.

As a government-related issuer, Moody's said Sovcomflot's ratings benefit from ratings uplift tied to government's ratings. Based on Moody's government-related issuer rating methodology, the inputs into Sovcomflot's ratings include government's baseline credit assessment of 5, low default dependence and high support.

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