Credit Ratings

In Q1 2019, rating agencies upgraded FPC’s credit ratings:

  • Moody’s: from investment grade “Baa3” with a positive outlook to “Baa2” with a stable outlook, which is one notch higher than the sovereign credit rating
  • Fitch: to investment grade “BBB–” with a positive outlook.

Standard & Poor’s affirmed its “BBB–” rating on FPC, with a negative outlook.

Thus, the Company has maintained investment grade credit ratings from all three leading global rating agencies since regaining them in Q1 2019.

In August 2019, Fitch upgraded FPC’s rating to “BBB” with a stable outlook.

In December 2019, the Russian national rating agency ACRA affirmed its “AA+(RU)” high credit quality rating for FPC, with a stable outlook.

FPC’s credit ratings as at the end of 2019
Agency Rating Forecast
Moody’s Baa2 Stable
Standard & Poor’s ВВB– Negative
Fitch ВВB Stable
ACRA АА+(RU) Stable

Events after the reporting date

In March 2020, Standard & Poor’s revised its outlook on FPC from negative to stable and affirmed its credit rating at “BBB–”.