Fitch axes Russian commodities issuers

Fitch Ratings said it downgraded Russian natural resource companies, placed the ratings of entities on rating watch negative and maintained one company on RWN.

The rating actions reflect the severe shock to the operating environment in Russia and weakened financial flexibility, and follow the agency's downgrade of Russia's sovereign ratings to B/RWN on Wednesday.

Fitch cut Gazprom’s foreign-currency issuer default rating to B from BBB and local-currency IDR to B+ from BBB, Gazprom Neft foreign-currency IDR to B from BBB and local-currency IDR to B+ from BBB, Novatek to B from BBB, PJSC Lukoil’s ratings to B from BBB+, Bashneft’s foreign-currency IDR to B from BBB and local-currency IDR to B+ from BBB, Eurasia Drilling Co. Ltd.’s ratings to B from BB+, PAO Severstal’s ratings to B from BBB and Novolipetsk Steel to B from BBB,

The agency also lowered Magnitogorsk Iron & Steel Works’ ratings to B from BBB, Metalloinvest’s ratings to B from BBB, PJSC MMC Norilsk Nickel’s ratings to B from BBB, Nord Gold plc’s ratings to B from BB+, PJSC Polyus to B from BB+, PJSC Alrosa to B from BBB, Koks’ ratings to B from BBB, JSC Suek to B from BB, Evraz plc to B from BB+, United Co. Rusal to B from BB-, Sibur Holding to B from BBB-, EuroChem Group to B from BB, Acron to B from BB-, Uralkali PJSC to B from BB- and PJSC PhosAgro to B from BBB-.

Fitch kept Petropavlovsk plc’s foreign-currency IDR on RWN.

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