Fitch Withdraws Russian Corporate National Ratings
06 Feb 2017 1:02 PM
Link to Fitch Ratings' Report: Russian Corporate National Rating Withdrawal
Fitch Ratings-Moscow-06 February 2017: Fitch Ratings has simultaneously affirmed and withdrawn Russian National Scale ratings for non-financial corporate issuers. Of this, one remained on Rating Watch Evolving at the time of withdrawal. This rating action does not affect any existing international ratings for non-financial corporates. The rating actions are detailed in the Rating Action Report accessible by the link provided.
The rating actions summarised in the attached Rating Action Report follow the announcement by Fitch on 23 December 2016 that it is to withdraw its National Scale Ratings in the Russian Federation, following the introduction of a new regulatory framework of the credit rating industry in Russia.
KEY RATING DRIVERS
See relevant issuer Rating Action Commentary (RAC) cited
See relevant issuer RAC cited.
See relevant issuer RAC cited.
See relevant issuer RAC cited.
Links to recent RACs for issuers whose Russian National Scale Ratings are being withdrawn are:
Fitch Affirms Aeroflot at 'B+'; off RWN; Outlook Stable
Fitch Affirms Russia's Miratorg at 'B+'; Outlook Stable
Fitch Affirms Metalloinvest at 'BB'; Outlook Stable
Fitch Affirms Atomenergoprom at BBB-; Outlook Negative
Fitch Assigns First-Time 'BB+' Ratings to Enel Russia; Outlook Stable
Fitch Downgrades Russia's FESCO to 'RD'
Fitch Affirms Federal Passenger Company at 'BB+'; Outlook Negative
Fitch Affirms PJSC Federal Grid Company UES at 'BBB-'; Outlook Negative
Fitch Revises UCL Rail and Freight One Outlook to Stable; Affirms at 'BB+'
Fitch Affirms Russia's Globaltrans at 'BB'; Outlook Stable
Fitch Affirms PJSC Inter RAO at 'BBB-'; Outlook Negative
Fitch Revises United Confectioners' Outlook to Stable; Affirms at 'B'
Fitch Affirms Eurochem Group AG at 'BB'; Outlook Negative (20 Sep 2016)
Fitch Upgrades Lenta to 'BB'; Outlook Stable
Fitch Affirms PJSC MegaFon at 'BB+'; Outlook Stable
Fitch Revises MMK's Outlook to Positive; Affirms at 'BB+'
Fitch Affirms MOESK at 'BB+'; Outlook Stable
Fitch Upgrades PJSC Mosenergo to 'BBB-'; Outlook Stable
Fitch Affirms MTS at 'BB+'; Outlook Stable
Fitch Affirms NLMK at 'BBB-'; Outlook Negative
Fitch Affirms Russia's Novatek at 'BBB-', Outlook Negative
Fitch Affirms OGK-2 at 'BB'; Outlook Stable
Fitch Affirms Russia's O'Key at 'B+'; Outlook Stable
Fitch Affirms Gazprom at 'BBB-'; Outlook Negative
Fitch Revises Synergy's Outlook to Stable; Affirms at 'B+'; Outlook Stable
Fitch Revises Acron's Outlook to Positive; Rates Bond Programme at 'BB-(EXP)'
Fitch Affirms Russia's Gazprom Neft at 'BBB-'; Outlook Stable
Fitch Affirms PhosAgro at 'BB+'; Stable Outlook
Fitch Places Russia's Bashneft on Rating Watch Evolving on Acquisition by Rosneft
Fitch Affirms Evraz at 'BB-'; off Watch Negative
Fitch Affirms Rostelecom PJSC at 'BBB-'; Outlook Stable
Fitch Affirms RusHydro at 'BB+'; Outlook Negative
Fitch Upgrades Russian Helicopters to 'BB+'; Outlook Stable
Fitch Upgrades Severstal to 'BBB-'; Outlook Negative
Fitch Affirms Sistema at 'BB-', Outlook Stable
Fitch Affirms Sukhoi Civil Aircraft at 'BB-'; Outlook Negative
Fitch Revises Russia's T2 RTK Outlook to Negative; Affirms IDR
Fitch Affirms Russia's TransContainer at 'BB+'/Stable
CJSC Transtelecom Co.'s Outlook Revised to Stable From Negative
Fitch Affirms Russia's Ventrelt at 'BB-'; Outlook Stable
Fitch Rates Russian X5 Finance's RUB15bn Bond 'BB
Fitch Affirms Eurasia Drilling Company at 'BB'; Outlook Negative
See Rating Action Report
See Rating Action Report
+44 20 3530 1079
Media Relations: Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908, Email: email@example.com; Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: firstname.lastname@example.org.
Additional information is available on www.fitchratings.com. For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary.
Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016)
National Scale Ratings Criteria (pub. 30 Oct 2013)
Parent and Subsidiary Rating Linkage (pub. 31 Aug 2016)
Rating Investment Holding Companies (pub. 13 Jan 2017)
Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed.
The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.
For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001