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Fitch downgrades ratings of Russia's largest gas processing and petrochemicals company

March 03, 2016, 19:53 UTC+3 LONDON
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LONDON, March 3. /TASS/. Fitch downgraded the outlook on ratings of the Russian petrochemical holding Sibur from stable to negative, the international rating agency said Thursday. The long-term issuer default rating of Sibur was confirmed at "BB+," Fitch said. Furthermore, Fitch confirmed the short-term issuer default rating was confirmed at "B".

The outlook downgrade to "negative" reflects expectations of higher debt level of the company in 2017 - 2019 because of participation in ZapSibNefteKhim petrochemical project worth billions of dollars during the period of low and volatile oil prices, Fitch said.

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