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Fitch restores Rusal's ratings after US lifts sanctions

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Fitch restores Rusal's ratings after US lifts sanctions

United Co. Rusal PLC said March 26 that Fitch Ratings assigned a BB- long-term issuer default rating to the aluminum producer, with a stable outlook, after the U.S. Office of Foreign Assets Control removed the company from a list of sanctioned entities.

The rating agency also assigned a BB-/RR4 rating to Rusal Capital D.A.C.'s senior unsecured notes.

In January, OFAC lifted the sanctions on Rusal, as well as parent company En+ Group PLC and En+ unit EuroSibEnergo PLC, after Russian oligarch Oleg Deripaska agreed to reduce his control over the companies. Sanctions on Deripaska remain.

All of Rusal's ratings were withdrawn in April 2018 due to the U.S.-imposed sanctions targeting companies and individuals who allegedly profited from Russia's "malign activity around the globe."

Deripaska was accused of money laundering, threatening the lives of business rivals, illegally wiretapping a government official, and extortion and racketeering. He recently sued the U.S. to remove the sanctions imposed on him.