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Fitch downgrades rating of Russian carrier Aeroflot to "B+"

September 07, 2015, 19:25 UTC+3 MOSCOW
According to the statement, Aeroflot's rating downgrade reflects expectations of weakening credit metrics over 2015-2017, principally due to ruble devaluation and lower yields
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© ITAR-TASS/Yuri Smityuk

MOSCOW, September 7. /TASS/. International agency Fitch Ratings has downgraded long-term rating of Russia’s flagship carrier Aeroflot in foreign currency to "B+" from "BB-" with a negative outlook , the agency said in a statement.

According to the statement, Aeroflot's rating downgrade reflects expectations of weakening credit metrics over 2015-2017, principally due to ruble devaluation and lower yields.

The negative outlook reflects the expected negative impact of Aeroflot's announced acquisition of a majority stake in OJSC Transaero Airlines on its already stretched financial profile, at least in the short-term. In resolving the negative outlook Fitch will assess Aeroflot's ability to restructure Transaero's debt and operations.

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