Russian shipowner Fesco has received an upgrade from Fitch Ratings, but the agency still has concerns about its finances in the pandemic.
The rating agency moved the company's long-term issuer default rating up to CCC from restricted default, and its senior unsecured rating to CC from C.
This reflected improved financial flexibility following the restructuring of the company's debt, but weak liquidity, expected covenant breaches and foreign exchange losses remain risks, Fitch said.
