rating agency Fitch Saturday reduced the debt securities of 28 companies Russian From Raw materials He stated that a “suspension of payments” appeared possible.
And Fitch reduced from B to “primarily CC” the important gas group Gazprom, oil company Lukoil, mining companies Rusal, Polyus, Evraz and 23 other companies engaged in raw materials.
So it is “likely” that these companies will not be able to meet their financial obligations.
For the risk rating agency, the permission given by the Russian government to return contracted debt in rubles in countries that appear on the “hostile” list, could harm the ability of these companies to pay creditors on time.
This list includes all countries of the European Union, Australia, the United Kingdom, Canada, Monaco, South Korea, the United States, Switzerland and Japan.
This measure is part of a package of measures taken by the Kremlin and the Russian Central Bank to try to limit the collapse of the national currency, which lost half its value due to the sanctions of Western powers against Russia after the invasion of Ukraine.
“Continued tightening of sanctions, including restrictions on trade and energy imports, increases the likelihood of a political backlash from Russia and weakens its economy, causing the business environment to suffer,” Fitch said.
Britain announced on Tuesday a ban on Russian oil as well as the United States on oil and gas.
Ratings agency Moody’s, another risk rating agency, put Gazprom and Lukoil’s bonds this week at a level that presupposes a very high risk of default.
At the beginning of March, three major rating agencies put Russia in the category that cannot pay its long-term debt, due to the backlog of sanctions.
Fitch later downgraded the note much further, stating that Russia was facing an “imminent default” on its debt.
The lower the degree of solvency, the less confidence the lenders have in that country, so the prospects for obtaining loans at reasonable interest rates are very complex.
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