Fitch says withdraws ratings of Russia’s En+ over US sanctions

MOSCOW, Apr 12 (PRIME) -- International rating agency Fitch Ratings has withdrawn the ratings of Russia’s En+ Group, including the long-term issuer default rating in foreign currency of BB-, due to the recent expansion of U.S. sanctions, the agency said in a statement on Thursday.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including tycoon Oleg Deripaska and his companies En+ Group and aluminum giant UC RUSAL.

“Fitch has withdrawn the ratings for En+ due to the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury sanction restrictions,” the agency said, adding that U.S. individuals will be prohibited from dealing with En+ starting from May 7 or June 5 depending on the nature of the transaction.

“En+ published a press release on April 9 indicating that legal counsel is assessing the impact of the OFAC sanctions on the group. En+’s initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the company,” Fitch said.

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