trending Market Intelligence /marketintelligence/en/news-insights/trending/0i6reosoxftywsdiodw7wa2 content esgSubNav
In This List

EN+ placed on rating watch negative by Fitch

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


EN+ placed on rating watch negative by Fitch

Fitch Ratings placed Russia-based En+ Group plc's long-term foreign- and local-currency issuer default ratings of BB- on rating watch negative due to the possibility of a "shoot out" auction for Russian mining giant PJSC Norilsk Nickel Co..

The rating action came after United Co. Rusal Plc said it will seek shareholder approval at an extraordinary meeting to activate the clause.

The "shoot out" auction can have a negative impact on EN+'s credit profile if it is triggered, the rating agency said March 5.

The impact on EN+ will be driven by the terms of the potential "shoot out" and the financing structure in case of the purchase of Whiteleave's stake by Rusal.

As a result, EN+'s rating could stay at its present level or potentially be downgraded.

A London court recently delayed the sale of a 2% stake in Norilsk by Roman Abramovich's Crispian Investment Ltd. to billionaire Vladimir Potanin's Whiteleave Holdings Ltd., who already holds a 30% stake in Norilsk.

Oleg Deripaska, the billionaire owner of Rusal who has a 28% stake in Norilsk, has sought to prevent him from upping his stake in the company.