Fitch changes Aeroflot rating from stable to negative

Fitch Ratings has changed the outlook on  Aeroflot’s long-term issuer default rating from stable to negative, it is currently rated at “BB”. Fitch noted that the change in the outlook is due to the impact of COVID-19 on the Company’s metrics “in 2020, which is consistent with a similar or more pronounced deterioration for other airlines”. The agency added that “rapidly spreading coronavirus led to unprecedented lockdowns and border closures and a dive in customer confidence in air travel”. At the same time, Fitch noted that “Aeroflot’s cash and credit facilities provide sufficient buffer against the expected cash burn” and that the Company