Russian shipowner Fesco has hit back against claims by Fitch Ratings that it risks covenant breaches this year.
The rating agency upgraded the boxship specialist from restricted default (RD) to CCC, suggesting probability of default, on 28 May. However, Fitch said concerns remained over its financial status.
Fesco investor relations department director Dmitriy Ivanov told TradeWinds that the decision saw it move up four investment grades in one go, “which is a very positive fact in itself”.
