Fitch Ratings Revised the Outlook on STLC’s IDRs to ‘Positive’

On 29 November 2019 Fitch Ratings revised the outlook on STLC’s long-term issuer default ratings (IDRs) from ‘stable’ to ‘positive’ on expectations of strengthening linkages with the Russian sovereign. IDRs in foreign and local currencies and STLC’s senior unsecured debt rating were affirmed at BB+.

In assessing state support STLC could potentially receive, the rating agency views positively, among other factors, the company's policy role in the implementation of state programmes to support the transportation sector and deep integration of the management and the government, stated Fitch Ratings in its press release. Furthermore, the company benefits from its leading market positions and improving financial performance, according to Fitch Ratings.

The positive outlook reflects Fitch's expectation that the likelihood of support that STLC may receive from the Russian Government could increase due to continued capital support within the next three years and gaining access to long-term funding from the National Wealth Fund, which could lead to a rating upgrade.

Full information on STLC’s credit ratings can be found at https: https://www.gtlk.ru/en/investors/ratings/.

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