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Fitch withdraws EN+ Group ratings due to US sanctions

April 12, 14:18 UTC+3

International rating agency Fitch withdrew the ratings of EN+ Group in connection with the introduction of US sanctions against the energy holding

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© EPA/ANDREW GOMBERT

MOSCOW, April 12. /TASS/. International rating agency Fitch withdrew the ratings of EN+ Group in connection with the introduction of US sanctions against the energy holding, according to the agency’s press release.

"These rating actions follow the sanctions imposed on Rusal by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury. US persons will be prohibited from dealing with Rusal from 7 May/5 June (depending on the nature of the transaction). Additionally, non-US persons could face sanctions for knowingly facilitating significant transactions for or on behalf of Rusal. At this stage there is lack of guidance how the latter would be implemented," the agency said.

At the time of withdrawal, the company’s credit rating was at "BB-" and the outlook on rating was set to negative.

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