Fitch: Sanctions yet to impact on Sovcomflot

EU and US sanctions have not yet led Fitch to downgrade ratings of Sovcomflot. Sanctions would need to be more severe for a downgrade of the rating, the company tells ShippingWatch.

The crisis following the occupation of Crimea and the sanctions imposed on Russia by EU and US have not yet had any effect on the credit rating of Sovcomflot.

The biggest tanker company in Russia, owned by The Russian Federation, “Sovcomflot” is rated by the three major players in the market, Fitch, S&P and Moody´s. Apart from being dependent on positive ratings, Sovcomflot has a considerable number of Western companies among its customers, Exxon accounts of ten percent of the revenue, and a long list of mainly European banks are loan providers to the carrier.

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