Fitch cuts Russian industrials

Fitch Ratings said it lowered two Russian diversified industrial corporates 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, Fitch said.

The agency sliced Borets International Ltd.'s long-term foreign- and local-currency issuer default ratings to B- from BB-. The agency also downgraded the senior unsecured rating on the eurobonds issued by Borets Finance DAC to B- from BB-.

Fitch also trimmed JSC HMS Group's long-term foreign-currency IDR to B from B+.

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