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MOSCOW, September 9. /TASS/. Fitch Ratings has downgraded long-term foreign and local currency Issuer Default Ratings (IDRs) of the Russian group port operator Global Ports to 'BB-' from 'BB', the agency said in a press release on Friday. The rating outlook has been revised to negative from stable, Fitch said.
"The downgrade reflects the greater than expected decline in traffic in H1 2016 of 22% versus Fitch's forecast of an 8% decline for 2016 in the agency's previous rating case and a 2% contraction of the Russian container market," the report said.
Global Ports Investments PLC is the leading operator of container terminals in the Russian market. Its terminals are located in the Baltic and Far East Basins. Global Ports operates five container terminals in Russia - Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik and Vostochnaya Stevedoring Company, and two container terminals in Finland (Multi-Link Terminals Helsinki and Multi-Link Terminals Kotka). The group also owns inland container terminals Yanino Logistics Park and Logistika-Terminal, both located in the vicinity of St. Petersburg, and has a 50% stake in the major oil products terminal AS Vopak E.O.S. in Estonia.