Fitch cuts more Russian issuers

Fitch Ratings said it downgraded Russian natural resources companies to CC mainly from B/rating watch negative. Fitch said it usually does not assign outlooks or apply rating watches to ratings in the CCC category 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. While the practical implementation of this decree remains unclear, Fitch believes that the severely heightened risk is best reflected in its CC ratings definition: ‘Default of some kind appears probable,’” the agency said in a press release.

The companies are: Evraz plc, Rusal Capital DAC, Gazprom, Gazprom Neft PJSC, Tatneft PJSC, Novatek, Lukoil PJSC, Bashneft, Eurasia Drilling Co. Ltd., PAO Severstal, NLMK Group, MMC Norilsk Nickel PJSC, PJSC Polyus, Petropavlovsk plc, PJSC Alrosa, Koks, SUEK, Sibur Holding PJSC, EuroChem Group AG, Uralkali PJSC and PJSC PhosAgro.

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