Fitch cuts Russian telecoms

Fitch Ratings said it downgraded the foreign-currency issuer ratings for three Russian telecommunications companies and one Russian investment holding company and placed their ratings on rating watch negative.

The downgrades and RWNs reflect the severe shock to the operating environment in Russia and weakened financial flexibility and follow the agency's downgrade of Russia's sovereign ratings on Wednesday, the agency said.

Fitch lowered Mobile Telesystem PJSC to B from BB+, Rostelecom PJSC to B from BBB-, Sistema PJSFC to B from BB and Yandex NV to B from BBB.

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