Fitch cuts five transport issuers

Fitch Ratings said it downgraded five Russian transport companies' long-term issuer default ratings to CC. Fitch does not usually assign outlooks or apply rating watches to ratings of CCC or below.

“We believe that the presidential decree of March 5, 2022, against the backdrop of an escalating sanctions regime, could impose insurmountable barriers to many corporates' ability to make timely payments on foreign- and local-currency debt to certain international creditors,” the agency said in a press release.

Fitch downgraded PJSC Aeroflot from B-, PAO Sovcomflot from B, Freight One from B, Globaltrans Investment plc from B and Far-Eastern Shipping Co. plc from B. All the issuers were on rating watch negative.

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