Fitch Downgrades TransContainer to 'BB-'
Fitch Ratings has downgraded PJSC TransContainer's (TC) Foreign- and Local-Currency Long-Term Issuer Default Ratings (IDR) and senior unsecured rating to 'BB-' from 'BB+' and maintained them on Rating Watch Negative (RWN). A full list of rating actions is below.
The downgrade follows the acquisition of a majority stake in TC by LLC Management Company Delo (MC Delo) and reflects a view of MC Delo's consolidated credit profile. “We view the links between TC and MC Delo as strong, as delineated in Fitch's Parent and Subsidiary Rating Linkage Criteria and Fitch believes there is no effective ring-fence protection around TC”, says the Fitch official statement.