Moody’s cuts Mitsubishi to negative

Moody's Japan K.K. said it affirmed Mitsubishi Corp.’s A1 issuer and senior unsecured debt ratings, P-1 short-term ratings and A3 subordinated debt ratings.

The outlook was changed to negative from stable.

"Moody's has changed the rating outlook on Mitsubishi's A1 rating to negative from stable and affirmed the rating because of our heightened concern over its ability to generate an adequate and sustainable level of earnings appropriate for an A1 rating, given the challenges arising from the weakness in commodity and energy prices and expectations that this weakness will continue on a sustained basis," Moody's vice president and senior analyst Masako Kuwahara said in a news release.

S&P lowers Sri Lanka Telecom view to negative

Standard & Poor’s said it revised the outlook on Sri Lanka Telecom plc to negative from stable.

The agency also said it affirmed the company’s B+ long-term corporate credit rating.

The outlook revision reflects a view that the rating on the company remains constrained by the sovereign credit rating and transfer and convertibility assessments on Sri Lanka, S&P said.

The outlook revision follows a similar action on the sovereign credit rating on Sri Lanka, the agency said.

The negative outlook reflects rising pressure on the country’s external liquidity resulting from a weaker trade balance and remittances, S&P said, and short-term capital outflows that have eroded its reserve buffers.

The outlook also reflects the country’s weakened public finances, the agency said.

S&P lowers Sri Lanka view to negative

Standard & Poor’s said it revised the outlook on the B+ long-term sovereign credit ratings on the Democratic Socialist Republic of Sri Lanka to negative from stable.

The agency also said it affirmed the country’s long-term rating and the B short-term credit rating and left the transfer and convertibility risk assessment on Sri Lanka unchanged at B+.

The negative outlook reflects rising pressure on Sri Lanka’s external liquidity resulting from a weaker trade balance and remittances, S&P said, and short-term capital outflows that have eroded its reserve buffers.

The outlook also considers the country’s weakened public finances, the agency added.

Sizable and rising projected fiscal deficits are expected to push borrowings higher in 2016 through 2019, S&P said.

Authorities face significant challenges in effectively addressing the rising imbalance due to institutional constraints and fragmented political landscape, the agency said.

The rating constraints also include the country’s weak external liquidity and high general government net debt burden at 72% of GDP in 2015, S&P said.

S&P lowers view on four Sri Lanka banks

Standard & Poor’s said it revised the outlook on the long-term issuer credit ratings on National Development Bank plc, National Savings Bank, People’s Leasing & Finance plc and DFCC Bank to negative from stable.

The agency also said it affirmed the ratings on these Sri Lankan financial institutions and on their outstanding notes.

National Development Bank’s counterparty credit rating was affirmed at B+; DFCC Bank’s counterparty credit rating was affirmed at B and senior unsecured rating at B; People’s Leasing & Finance’s counterparty credit rating was affirmed at B+; and National Savings Bank’s counterparty credit rating was affirmed at B+ and senior unsecured rating at B+.

The ratings reflect the potential deterioration in the operating environment for these entities and the revision in the outlook on the sovereign long-term credit rating on Sri Lanka to negative from stable due to rising fiscal and external imbalances in the country, S&P said.

The operating conditions for Sri Lankan financial institutions also are expected to deteriorate, along with the sovereign’s weakening external and fiscal performance.

The weak operating environment could manifest in the form of rising credit risk in Sri Lanka, particularly if remittances into Sri Lanka remain weak or the country’s economic growth is lower than our current base-case expectations.

Fitch lowers Sagicor to stable

Fitch Ratings said it affirmed Sagicor Financial Corp.’s long-term issuer default rating at B.

The outlook also was revised to stable from positive.

The revised outlook follows a recent rating action on Jamaica’s sovereign ratings, Fitch said.

The company’s ratings remain constrained by a view of the economic environments and the transfer and convertibility risks in both Jamaica and Barbados, the agency said.

The ratings reflect the challenging operating and economic environments of the main insurance subsidiaries domiciled in Barbados and Jamaica, Fitch said, and high exposure to below investment-grade sovereign debt, partially offset by strong operating company capitalization and volatile profitability.

The ratings also consider the company’s high financial leverage and successful refinance of its 2016 debt maturities and macroeconomic challenges associated with low interest rates, the agency said.

Moody’s cuts Banco de Bogota, Grupo Aval

Moody's Investors Service said it lowered Banco de Bogota, SA's standalone baseline credit assessment (BCA) to ba1 from baa3 long-term foreign currency subordinated debt rating to Ba2 from Ba1.

Both the BCA and the subordinated debt rating were placed on review for further downgrade.

The bank's Baa2/Prime-2 local and foreign currency long- and short-term deposit and the Baa2 foreign currency senior unsecured debt ratings were also placed on review for downgrade, as were its long- and short-term counterparty risk assessments (CR Assessments) of Baa1(cr) and Prime-2(cr).

At the same time, Moody's downgraded the local and foreign currency long-term issuer ratings of Grupo Aval Acciones y Valores, SA to Ba2 from Ba1, and placed them on review for further downgrade.

The agency also downgraded Grupo Aval Ltd.’s senior unsecured foreign currency debt rating to Ba2 from Ba1; this rating is also on review for downgrade.

In lowering the baseline credit assessment to ba1, Moody's said it took into account a drop of around 110 basis points in the bank's already low adjusted capital ratio based on December 2015 estimates from 6½% a year earlier. This decrease was driven by a 52% depreciation of the Colombian peso during 2015.

Given the bank's significant dollar-denominated investments in Central America, the depreciation contributed to a 20% and 30% increase in the peso value of Banco de Bogota's risk weighted assets and goodwill, respectively, revealing in turn the susceptibility of the bank's capital position to currency swings, the agency said.

Fitch lowers DTEK Energy

Fitch Ratings said it downgraded DTEK Energy BV’s long-term issuer default rating to RD (restricted default) from C as the company is in the payment default under several bank loans due to uncured expiration of the grace period on some bank debt.

Under the agency’s criteria, Fitch said the expiration of any applicable grace period following a payment default on a bank loan, capital markets security or other material financial obligation indicates an RD rating.

The grace period under most of DTEK’s bank loan installments has passed and DTEK failed to make principal payments due at the end of February, the agency said.

Some of its banks lenders subsequently issued the company with a reservation of rights letter, Fitch added.

The ratings also consider that the company has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, the agency said, and has not otherwise ceased operating.

S&P downgrades Parkson Retail

Standard & Poor’s said it lowered the long-term corporate credit rating on Parkson Retail Group Ltd. to B from BB-.

The agency also said it lowered the long-term Greater China regional scale rating on Parkson to cnB+ from cnBB+.

The outlook is negative.

The downgrades are due to an expectation that Parkson’s leverage will stay high and profitability to weaken over the next 12 months due to a weak operating performance amid a challenging retail environment, S&P said.

Parkson’s cash flows have deteriorated more than expected over the past year, the agency said, and does not anticipate any material improvement over the next 12 months.

The company’s leverage also could further increase due to intensifying competition and rising labor costs, S&P said.

The company’s cash flows could also deteriorate over the next 12 months due to weak same-store sales growth potential, further reducing its interest coverage, the agency said.

S&P: Texhong on positive watch

Standard & Poor’s said it placed the BB- long-term corporate credit rating on Texhong Textile Group Ltd. on CreditWatch with positive implications, along with the BB- long-term issue rating on its senior unsecured notes.

The agency also said it placed the cnBB+ long-term Greater China regional scale rating on Texhong and the notes on CreditWatch with positive implications.

The positive watch reflects improved financial results for 2015, which were better than expected, S&P said.

The company’s start-up textile project in Xinjiang also is proceeding faster than anticipated with operations likely to start in the second half of 2016, the agency said.

Texhong’s debt leverage is expected to improve to about 1.8x in 2015, which will surpass the previous upgrade trigger of 2x, S&P said.

The recovery is attributable to cotton prices falling more than the sales price of the company’s products, the agency said.

Texhong’s proactive improvement of its product mix also supported the margin enhancement, S&P added.

Moody’s rates Azure Orbit III bonds A2

Moody's Investors Service said it assigned a provisional A2 rating to the bonds to be issued by Azure Orbit III International Finance Ltd. (Azure Orbit III), and guaranteed by Bank of Communications Co., Ltd. Macau Branch.

Azure Orbit III is a subsidiary of BoCom Leasing International Finance Ltd., which in turn is a wholly-owned subsidiary of Bank of Communications Co., Ltd. (A2/P-1 negative).

The outlook is negative, in line with the outlook on Bank of Communications’ rating.

The provisional A2 rating is the same as Bank of Communications’ long-term deposit rating, as the bonds will be fully supported by an unconditional and irrevocable guarantee from Bank of Communications Macau Branch.

S&P rates Bocom bonds A-

Standard & Poor’s said it assigned an A- long-term foreign-currency rating to a proposed issuance of senior unsecured bonds by Azure Orbit III International Finance Ltd., a special purpose company wholly owned by Bank of Communications Co. Ltd. (Bocom).

The agency also said it also assigned a cnAA long-term Greater China regional scale rating to the bonds.

Bocom’s Macau branch guarantees the bond, S&P said.

The ratings on the bonds have been equalized to the counterparty credit rating on Bocom to reflect a view that the guarantee is irrevocable, unconditional, and timely, the agency said, and qualifies for rating-substitution treatment.

S&P also said it views the creditworthiness of Bocom’s Macau branch to be the same as the bank.

These obligations rank equally with all other unsecured obligations of the branch, other than subordinated obligations, if any, except for certain obligations required to be preferred by law, the agency said.

The proceeds will be used by the company to develop leasing businesses, S&P said.

S&P rates Dewan Housing BB

Standard & Poor’s said it assigned a BB long-term issuer credit rating to Dewan Housing Finance Corp. Ltd.

The outlook is stable.

The rating reflects the company’s adequate capitalization, average earnings and sound risk-management practices, S&P said.

The company’s high reliance on wholesale borrowing, small size and limited diversity temper these strengths, the agency said.

Similar to other financial institutions operating in India, the company benefits from the country’s low economic imbalances, intermediate private sector leverage and moderate competition, S&P said.

But these financial institutions are exposed to challenges posed by a low-income economy, weak foreclosure law and lack of access to central bank funding, the agency said.

Fitch rates Dewan Housing BB

Fitch Ratings said it assigned long-term foreign-currency and local-currency issuer default ratings of BB to Dewan Housing Finance Corp. Ltd.

The outlook is stable.

The company’s ratings are underpinned by its established housing finance business catering primarily to low- to medium-income customers, Fitch said.

The ratings also consider the company’s well-managed asset quality and low credit costs in line with its low loan-loss history, the agency said, despite having a customer profile that is potentially riskier.

The rating also factors in its diversification efforts beyond its core focus toward higher-yielding and riskier segments, such as loan-against-property and project loans, partly to strengthen margins, Fitch said.

Fitch rates Oversea-Chinese Banking notes AA-

Fitch Ratings said it assigned a rating of AA- to Oversea-Chinese Banking Corp.’s A$300 million floating-rate notes due March 2020.

The notes will be issued through the bank’s Sydney Branch under its $10 billion global medium-term note program.

The notes are rated at the same level as the bank’s AA- long-term issuer default rating, Fitch said, because the notes will constitute direct, unsubordinated and unsecured obligations of the bank and rank equally with all its other unsecured and unsubordinated obligations.

The bank also has a short-term issuer default rating of F1+ and viability rating of AA-, the agency said.

Moody’s applies A2 to America Movil notes

Moody's Investors Service said it assigned A2 global scale ratings to America Movil SAB de CV's €850 million and €650 million senior unsecured notes due in 2024 and 2028, respectively.

The outlook is stable.

The notes will rank equally in right of payment with all other unsecured and unsubordinated debt obligations of America Movil.

Proceeds will be used for general corporate purposes, including debt refinancing.

Moody’s said the ratings are supported by America Movil's large scale among telecom operators globally and its strong presence in Latin America, complemented by a majority market share for wireless and fixed line subscribers in Mexico. The ratings reflect stable positive free cash flow generation and a multi-regional revenue base coupled with extensive and modern infrastructure to support competitive positions.

S&P: America Movil notes A-

Standard & Poor’s said it assigned an A- rating to America Movil SAB de CV’s €850 million 1½% senior unsecured notes due 2024 and its €650 million 2 1/8% senior unsecured notes due 2028.

The proceeds will be used for general corporate purposes.

The ratings reflect the company’s strong competitive position based on an expectation that the company will maintain its leading market position and strong brand recognition in most of the markets where it operates, S&P said.

The agency also said it believes it will maintain the network coverage throughout Latin America, its efficient operations and its product and geographic diversification.

Moody’s reviews five biggest South African banks

Moody's Investors Service said it placed the Baa2 long-term deposit and senior debt ratings of the five largest South African banks on review for downgrade: Standard Bank of South Africa Ltd., FirstRand Bank Ltd., ABSA Bank Ltd., Nedbank Ltd. and Investec Bank Ltd.

The agency also placed Standard Bank Group's Baa3 issuer rating on review for downgrade.

Moody’s said the action is driven primarily by (a) The increasing risk of a weakening credit profile of the South African government, as captured by Moody's decision to place on review for downgrade South Africa's sovereign rating (Baa2) on March 8 as the banks' sizable holdings of sovereign debt securities link their creditworthiness to that of the national government; and to a lesser extent, by (b) the challenges these banks face in view of weaker economic growth in South Africa, particularly in the context of reduced commodity prices, consumer affordability pressures, high consumer indebtedness and increasing interest rates that will likely lead to elevated loan impairments.

S&P: Buenos Aires notes B-

Standard & Poor’s said it assigned a B- rating on the Province of Buenos Aires’ senior unsecured notes for $1.25 billion.

The amortizing notes will have a final maturity in 2024 and will be denominated in U.S. dollars, S&P said.

The proceeds of the bond issuance will be used to fund social, infrastructure and other public investment projects to improve the province’s debt maturity profile and to make debt service payments, the agency said.

Additionally about 17% of the proceeds will be used for special municipal funds created under the province’s 2016 budget law.

The agency said it believes that by the end of 2016, the impact of this issuance and other new borrowings on the province’s debt stock will be partially offset by debt repayments and inflation, which will nominally increase the province’s operating revenues.

These factors contribute to an expectation that the province’s debt will reach 50% of operating revenues by year-end 2016, compared to 51% estimated at year-end 2015, S&P said.

Fitch: DBS Bank notes AA-(emr)

Fitch Ratings said it assigned a rating of AA-(emr) to DBS Bank Ltd.’s $20 million 15-year callable range accrual notes due March 17, 2031.

The bank also has a long-term issuer default rating of AA-, short-term issuer default rating of F1+ and viability rating of AA-.

The (emr) suffix on the rating indicates that the rating only reflects the counterparty credit risk of the bank, Fitch said, and excludes the embedded market risk that may vary the size of the coupon payments on the notes.

The notes are rated at the same level as the bank’s AA- long-term issuer default rating as they constitute direct, unsecured and unsubordinated obligations of DBS Bank and rank equally with all its other unsecured, unsubordinated obligations, the agency said.

Moody’s reviews Expobank

Moody's Investors Service said it placed the B1 long-term deposit ratings, b1 baseline credit assessment (BCA) and adjusted BCA, and Ba3(cr) long-term counterparty risk assessment of AS Expobank (Latvia) on review for downgrade following the agency's March 4 decision to place Russia's sovereign ratings on review for downgrade.

The reduction of oil prices triggered a combination of fiscal pressure on the Russian government and eroding economic conditions in the country, which Moody's considers in Expobank's macro profile, as the majority of the bank's deposit base originates from Russia.

Expobank's NP short-term deposit rating and NP(cr) short-term CR Assessment are unaffected by this action.

S&P revises J&F debt recovery to 3H

Standard & Poor’s said it affirmed the B+ global scale and brBBB national scale corporate credit and senior unsecured ratings on J&F Investimentos SA.

The agency also said it removed these ratings from CreditWatch positive.

The outlook is stable.

S&P also said it affirmed the brBBB rating on Eldorado Brasil Celulose SA’s debentures, which J&F guarantees.

The agency also said it revised the recovery rating on J&F’s debt and Eldorado’s senior unsecured notes to 3H from 4H, indicating 50% to 70% expected default recovery.

The ratings follow an analysis of the final financing structure for the R$2.75 billion acquisition of Alpargatas SA, S&P said.

J&F entirely financed the transaction with a seven-year maturity syndicated loan with Vigor Alimentos SA’s shares pledged as collateral, the agency explained.

The Alpargatas addition to J&F’s portfolio diversifies and strengthens the latter’s portfolio because the apparel company is publicly traded and has a mature business with a light balance sheet, S&P said.

But J&F’s debt profile concentrated in short-term maturities and high interest expenses continue to constrain its liquidity and ratings, the agency said.

Moody’s reviews three Kazakh GRIs

Moody's Investors Service said it placed the ratings of three Kazakh government-related issuers on review for downgrade: National Co. Kazakhstan Temir Zholy (KTZ) and its subsidiary Kazakhstan Temir Zholy Finance BV, KTZ's wholly owned operating subsidiary Kaztemirtrans, and JSC National Co. Kazakhstan Engineering.

This action follows Moody's March 4 decision to place the Government of Kazakhstan's Baa2 government bond and issuer rating on review for downgrade. The review will assess the pressures on Kazakhstan's credit profile from the structural shock to the oil market.

Moody’s reviews Kazakhstan Electricity Grid

Moody's Investors Service said it placed Baa3 long-term issuer rating of Kazakhstan Electricity Grid Operating Co. (Kegoc) on review for downgrade.

This action follows Moody's March 4 placement of the Republic of Kazakhstan's Baa2 government bond rating on review for downgrade. It reflects the agency’s view that a sustained sharp fall in oil prices, which Moody's expects to remain low for several years, will heighten risks for Kazakhstan's economic performance and the balance sheet of its government given the country's high dependence on hydrocarbons to finance government expenditure and drive economic growth.

Moody’s might lower KazExportGarant

Moody's Investors Service said it placed the Baa2 insurance financial strength rating of KazExportGarant JSC on review for downgrade.

This action follows a similar action taken on the government of Kazakhstan, which was placed on review for downgrade on March 4, and is part of a global review of oil-exporting sovereigns.

KazExportGarant is 100% owned by the Government of Kazakhstan through the National Management Holding Baiterek.

The primary driver of the action on KazExportGarant is the potential deterioration of the government of Kazakhstan's credit worthiness, that was signaled by the review for downgrade placed on its rating, Moody’s said.

Moody’s reviews Mitsui & Co.

Moody's Japan K.K. said it placed the A2 senior unsecured debt ratings, as well as the P-1 short-term rating of Mitsui & Co., Ltd. under review for downgrade.

"The review has been prompted by our increasing concern over Mitsui's ability to generate adequate and sustainable earnings which include a high dependence – when compared with other Japanese trading companies (JTCs) – on earnings from its volatile mineral & metal and energy businesses," Moody's vice president and senior analyst Masako Kuwahara said in a news release.

Moody's views current weak commodity prices and softer demand as representing a fundamental shift in the operating environment beyond a normal cyclical downturn.

Moody’s might drop Old Mutual

Moody's Investors Service said it placed the Baa1 insurance financial strength rating of Old Mutual Life Assurance Co. (South Africa) Ltd, the A2 insurance financial strength rating of Old Mutual Wealth Life Assurance Ltd. and the Baa3 senior debt rating of Old Mutual plc on review for downgrade.

Moody’s said the action follows the review for downgrade of the Baa2 debt rating of the Government of South Africa, which reflects deterioration in the credit profile of the sovereign.

The Old Mutual rating actions also reflects the weaker credit profile of the South African banking system, as well as the review for downgrade of its subsidiary, Nedbank Ltd. (Baa2, review for downgrade, for long term deposits) following the sovereign being placed on review.

Moody’s might lower Russian governments, GRIs

Moody's Investors Service said it placed the ratings of eight Russian regional and local governments and two government-related issuers (GRIs) on review for downgrade.

These actions follow the potential weakening of Russia's credit profile as captured by Moody's March 4 placement of Russia's Ba1 government bond rating on review for downgrade.

The following were placed under review:

• City of Moscow: Ba1/Aa1.ru issuer rating;

• City of St. Petersburg: Ba1/Aa1.ru issuer rating and senior unsecured rating;

• SUE Vodokanal of St. Petersburg: Ba2/Aa2.ru issuer rating;

• Republic of Bashkortostan: Ba2 issuer rating;

• Republic of Tatarstan: Ba2 issuer rating of Ba2;

• Khanty-Mansiysk AO: Ba2/Aa2.ru issuer rating;

• Oblast of Moscow: Ba2/Aa2.ru issuer rating;

• Oblast of Omsk: Ba3/Aa3.ru issuer rating of Ba3; and

• Republic of Mordovia: B2/Baa1.ru issuer rating and senior unsecured rating.

Concurrently, Moody's affirmed the ratings with negative outlooks of Oblast of Samara, Chuvashia Republic, Krasnoyarsk Krai, Krasnodar Krai, Republic of Komi, Oblast of Nizhniy Novgorod, City of Krasnodar, City of Volgograd, City of Omsk, Oblast of Belgorod and Oblast of Vologda. Moody's will withdraw the rating of Oblast of Vologda due to insufficient information.

Moody’s might cut Russian non-financial corporates

Moody's Investors Service said it placed 13 Russian non-financial corporates and their supported subsidiaries on review for downgrade.

The action affects government-related issuers rated Ba3 and above and private non-financial corporates rated Ba2 and above.

The action follows Moody's March 4 decision to place Russia's Ba1 government bond and issuer ratings on review for downgrade, on the back of a further sharp fall in oil prices and the heightened vulnerability of Russia's public finances.

The following ratings were placed on review for downgrade:

• PhosAgro OJSC: Ba1/Aa1.ru corporate family rating;

• PhosAgro Bond Funding Ltd.: Ba1 senior unsecured bonds;

• Sibur Holdings, PJSC: Ba1 corporate family rating and Ba1-PD probability of default rating;

• Uralkali PJSC: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Uralkali Finance Ltd.: Ba2 senior unsecured bonds;

• Irkut Corp., JSC: Ba3/Aa3.ru corporate family rating and Ba3-PD probability of default rating;

• Kamaz OJSC: Ba3/Aa3.ru corporate family rating and Ba3-PD probability of default rating;

• Power Machines OJSC: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• NLMK: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• Steel Funding Ltd.: Ba1 senior unsecured bonds

• PAO Severstal: Ba1 corporate family rating and Ba1-PD probability of default rating;

• MegaFon: Ba1 corporate family rating and Ba1-PD probability of default rating;

• Mobile TeleSystems OJSC: Ba1 corporate family rating and Ba1-PD probability of default rating;

• Russian Railways JSC: Ba1/Aa1.ru corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured bonds;

• RZD Capital plc: Ba1 senior unsecured bonds;

• Federal Passenger Co. OJSC: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating; and

• Sovcomflot PAO: Ba3 issuer rating, Ba2/Aa3.ru corporate family rating and Ba2-PD probability of default rating.

Magnitogorsk Iron & Steel Works’ Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating were placed under review with direction uncertain.

Moody’s reviews Russian utility, infrastructure GRIs

Moody's Investors Service said it placed the ratings of 12 Russian utility and infrastructure companies government-related issuers (GRIs) and their subsidiaries on review for downgrade.

This action follows Moody's March 4 placement of Russia's Ba1 government bond rating on review for downgrade.

The following ratings were placed on review:

• Atomenergoprom, JSC: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• Federal Grid Finance Ltd.: Provisional Ba1 senior unsecured medium-term note program and Ba1 senior unsecured bonds;

• FGC UES: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• IDGC of Center and Volga Region: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• IDGC of Urals: Ba1/Aa2.ru corporate family rating and Ba1-PD probability of default rating;

• IDGC of Volga: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Inter RAO: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Lenenergo: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Moesk: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Novorossiysk Commercial Sea Port: Ba3/Aa3.ru corporate family rating and Ba3-PD probability of default rating;

• OAO AK Transneft: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• Rosseti: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• RusHydro: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating; and

• TransCapitalInvest Ltd.: Ba1 senior unsecured bonds.

Moody’s said the actions reflect its view that a sustained sharp fall in oil prices, which it expects to remain low for several years, will heighten risks for both Russia's economic performance and the Russian government balance sheet in the coming years, including the government financing options.

Moody’s might cut South African banks

Moody's Investors Service said it placed the Baa2 foreign-currency long-term senior unsecured issuer ratings of the Industrial Development Corp. of South Africa and the Development Bank of Southern Africa on review for downgrade.

These actions follow the potential weakening of the South African government's credit profile, as captured by Moody's recent decision to place South Africa's Baa2 government bond rating on review for downgrade.

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