Fitch Ratings upgrades FESCO’s credit rating to ‘В+’; outlook stable

24 May 2021

The international rating agency Fitch Ratings has updated the long-term credit rating of FESCO Transportation Group (“FESCO”, the “Group”, the parent company - Far Eastern Shipping Company PJSC) from ‘CCC’ to ‘B+’, outlook is stable.

According to the agency, the upgrade is driven by improved operating performance and liquidity, deleveraging and the reduction of the currency risks of the Group after refinancing a loan from VTB Bank.

“The credit rating upgrade is the result of the Management’s systematic work aimed at straightening the financial position of the Group. It will allow us to improve the efficiency of our work in the capital market,” noted Leonid Zvyagintsev, vice-president of finance of FESCO.