We believe that Russian shipping company AO Sovcomflot's financial profile weakened in 2011 and that its cash flow measures are no longer rating-commensurate. We expect that the company's operating performance will remain strained given the weak prospects for the tanker shipping industry in 2012. We are revising our outlook to negative and affirming our 'BBB-' rating on the company. FRANKFURT (Standard & Poor's) Jan. 23, 2012--Standard & Poor's Ratings Services said today that it revised its outlook on Russian shipping company AO Sovcomflot to negative from stable. At the same time, we affirmed our 'BBB-' long-term corporate credit rating and 'ruAAA' Russian national scale rating on the company. The outlook revision reflects Sovcomflot's weaker than expected operating performance in 2011,...
Companies mentioned in this report are:
- AO Sovcomflot
- Russian Federation
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.