Nornickel fine may hit Rusal's credit: Fitch

UC Rusal’s credit may suffer from a $2.1 billion fine imposed on Nornickel, almost 28% of which is owned by Rusal, Fitch Ratings said.

A drop in dividends Rusal normally receives from Nornickel coupled with weak aluminium markets through 2021, could see Rusal becoming further indebted, the credit rating agency said on Thursday July 9.
Fitch based its scenario on Nornickel paying in full this year the $2.1 billion bill Russia’s environmental watchdog, Rosprirodnadzor, issued on July 6 for damage to the Arctic from an oil spill by a Nornickel subsidiary.

But Fitch stressed that...

Published

Orla O'Sullivan

July 13, 2020

07:05 GMT

New York