Fitch cuts eight Russian issuers

Fitch Ratings said it downgraded eight Russian companies' long-term foreign- and local-currency issuer default ratings to CC from B, reflecting new restrictions that may impair the companies' ability to service debt. The agency usually does not give outlooks or rating watches to companies rated under CCC.

Fitch cited the ongoing problems in Russia for the downgrade, including the March 5 presidential decree, which could force a redenomination of foreign-currency debt into local currency for international creditors, which it would likely view as a distressed debt exchange or event of default.

The agency cut Mobile Telesystems PJSC, Rostelcom PJSC, Sistema PJSFC, Tattelecom, Yandex NV, Lenta LLC, X5 Retail Group NV and Holding Co. United Confectioners.

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