Moody's lowers Kamaz view to negative

Moody's Investors Service said it changed the outlook on Kamaz PTC to negative from stable.

Moody's also said it affirmed Kamaz's Ba3 corporate family rating and Ba3-PD probability of default rating.

Moody's also said it affirmed Kamaz's B3 baseline credit assessment, reflecting the company's standalone credit strength.

The outlook revision to negative was prompted by Kamaz's performance, which for 2018 was much weaker than expected, the agency said, and the substantial deterioration in its margins and financial profile this year.

These factors increase the company's vulnerability to market pressures and its dependence on government support, Moody's said.

The ratings also consider the strong support to the company from the Russian government, the agency said.

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