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Moody's downgrades Transneft, FGC
Moody's Investors Service said it downgraded OAO AK Transneft's issuer rating and the senior rating of the outstanding $1.05 billion loan participation notes issued by TransCapitalInvest Ltd. to Baa3 from Baa2. Moody's has also downgraded FGC UES, JSC's issuer rating to Ba1 from Baa3 and Federal Grid Finance Ltd.’s RUB 17.5 billion of notes to Ba1 from Baa3. All of the affected ratings remain on review for downgrade.
The action follows the weakening of Russia's credit profile, as reflected by Moody's downgrade of Russia's government bond rating to Baa3/Prime 3 (P-3) from Baa2/Prime 2 (P-2) on Jan. 16 and its placement of the rating on review for further downgrade.
The agency said the ratings of Transneft and FGC remain on review for downgrade because of the current review for downgrade of the sovereign debt rating and the companies' resilience to increased risk arising from the prevailing negative operating conditions.
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