Fitch Ratings has downgraded Russia's largest airline Aeroflot's Long-term foreign currency Issuer Default Rating (IDR).

Fitch Affirms Gazprom Rating at 'BBB-' With Negative Outlook. Fitch Ratings said Monday it had downgraded Russia's largest airline Aeroflot's Long-term foreign currency Issuer Default Rating (IDR) to 'B+' from 'BB-' and placed it on Rating Watch Negative (RWN).

"Aeroflot's rating downgrade reflects our expectations of weakening credit metrics over 2015-2017, principally due to rouble devaluation and lower yields," Fitch said in a statement. "The RWN reflects the expected negative impact of Aeroflot's announced acquisition of a majority stake in OJSC Transaero Airlines on its already stretched financial profile, at least in the short-term," the statement said.