Moody's Investors Service says it has changed the outlook on Sovcomflot, Russia’s largest shipping company, from negative to stable, following the change of Russia’s sovereign rating.
On 17 February 2017, Moody's Investors Service changed the outlook on Russia's Ba1 government bond rating to stable from negative. Moody's also affirmed Russia's government bond rating and issuer rating at Ba1 and the short term rating at Not Prime (NP).
Apart from Sovcomflot, Moody's changed the outlook on other 21 non-financial entities of Russia including Alrosa, FPC, Gazprom, Rosneft, Irkut Corporation, Kamaz, Tatneft, Russian Railways, Sovcomflot, Novatek, Lukoil, Nolilsk Nickel, MMK, NLMK, Seversltal, Megafon, MTS, Phosagro, Sibur and other Russian companies and their subsidiaries.
SCF Group (PAO Sovcomflot) is Russia’s largest shipping company and a world leader in the maritime transportation of hydrocarbons as well as the servicing and support of offshore oil & gas production. The company’s fleet numbers 144 vessels with a combined deadweight of 12.48 million tonnes. SCF Group specialises in the shipping of crude oil, liquefied gas and a wide range of oil products. The Group’s vessels perform complex towing operations and geophysical survey work at offshore oil & gas fields. Sovcomflot supports large-scale offshore energy projects in Russia and overseas, including: Sakhalin-I, Sakhalin-II, Varandey, Tangguh, Peregrino, Prirazlomnoye, Noviy Port, Yamal LNG and others. SCF Group employs over 9,300 personnel both on land and at sea. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, Madrid, Singapore and Dubai.