Fitch turns Net4gas outlook to negative

Fitch Ratings said it affirmed Net4gas, sro's BB+ long-term issuer default and senior unsecured ratings, removed them from rating watch negative and assigned a negative outlook.

“Fitch's base scenario now incorporates full or near-complete shut-off of Russian pipeline gas to Europe and no payments from Gazprom. We now base our analysis on Net4gas's capacity to carry alternative flows and to thus receive capacity bookings to service demand nationally and from neighboring eastern European countries, as well as for the north-to-south German transit,” the agency said in a press release.

The outlook reflects uncertainties related to the magnitude of alternative transits, related profits and the shareholders' commitment toward lower leverage, Fitch said.

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