Fitch downgrades Sinek

Fitch Ratings said it downgraded Svyazinvestneftekhim (Sinek)'s long-term foreign-currency issuer default ratings to B- from BBB- and placed its IDRs and debt ratings on rating watch negative.

Fitch views the issuer as being connected to the ratings of the Republic of Tatarstan and the agency downgraded its rating to B and placed it on RWN on Friday.

“The downgrade reflects our unchanged assessment of the strength of linkage with the Republic of Tatarstan and the republic's incentive to support Sinek since our last review in 2021. The RWN on Sinek's ratings reflect that on the republic's IDRs,” Fitch said in a press release.

The agency said it also lowered the senior unsecured debt of LLC Sinek-Finance to B- from BBB- and placed on RWN, as it ranks equally with Sinek's debt, rated at B-, on par with Sinek's IDR.

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