Fitch rates Rosvodokanal BB-

Fitch Ratings said it assigned Rosvodokanal LLC long-term foreign and local-currency issuer default ratings at BB- with a stable outlook. It has simultaneously withdrawn ratings for Ventrelt Holdings Sarl. Both rating actions follow a reorganization.

“The ratings reflect Rosvodokanal position as one of the leading private water and waste-water companies in Russia, operating under rental and long-term concession agreements signed with municipalities. The ratings incorporate reasonable tariff growth, strong credit metrics and manageable liquidity. This is balanced by lower protection from rental agreements than concessions, evolving regulation, limited size and diversification relative to that of larger peers and BB rated Russian companies,” Fitch said in a press release.

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