S&P lowers Sovcomflot view to negative

Standard & Poor’s said it revised the outlooks on AO Sovcomflot and DME Ltd. to negative from stable.

The agency also said it affirmed Sovcomflot’s BB+ ratings and DME’s BB+/B ratings.

The outlook revision follows a similar action on Russia and a review of Sovcomflot’s liquidity in the context of its large vessel new-building program and the resulting ongoing funding needs, S&P said.

Sovcomflot’s liquidity profile is considered adequate, but its liquidity is highly dependent on the company performing in line with the base-case scenario, the agency said.

But, Sovcomflot is taking proactive measures to bolster its liquidity sources, S&P added.

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