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S&P lowers Russia’s FESCO ratings to CC with negative outlook

May 04, 2016, 17:15 UTC+3
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MOSCOW, May 4. /TASS/. Standard & Poor's lowered long-term foreign and domestic currency ratings of the Russian shipping company Fesco to CC from B-with the negative outlook, the international rating agency said on Wednesday.

Fesco's operations have been severely affected by the overall slow economy in Russia, the weak Russian ruble, and the high debt burden, which resulted in a quickly eroding liquidity position, the rating agency said.

"The downgrade reflects our view of Fesco as currently highly vulnerable to nonpayment of its debt obligations," S&P reported.

Fitch lowered the long-term credit rating of Fesco to CC from B-in April.

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