Moscow, April 26, 2013 -- Moody's Interfax Rating Agency has today affirmed the Aa2.ru
long-term national scale issuer rating (NSR) of Russian Helicopters
JSC. Moody's Interfax is majority-owned by Moody's
Investors Service (MIS).
Please see the ratings tab on the issuer/entity page on moodys.com
for information on the global scale rating.
RATINGS RATIONALE
The affirmation of Russian Helicopters' NSR follows the affirmation
its global scale corporate family rating (CFR) by MIS. Please see
MIS's press release of 25 April 2013 for details.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was the Global Aerospace
and Defense published in June 2010. Other methodologies used include
the Government-Related Issuers: Methodology Update published
in July 2010. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.
Russian Helicopters JSC is the sole Russian designer and manufacturer
of helicopters and one of the few companies worldwide with the capability
to design, manufacture, service and test modern civilian and
military helicopters. Russian Helicopters is a vertically integrated
holding company comprising five helicopter assembly plants, two
design bureaus, two components production plants, one overhaul
plant and one helicopter service company providing aftermarket services
in Russia and abroad. In 2012, Russian Helicopters generated
revenues of RUR126 billion ($4 billion).
Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are
intended as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global scale
ratings in that they are not globally comparable with the full universe
of Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant
country, as in ".ru" for Russia. For further
information on Moody's approach to national scale ratings, please
refer to Moody's Rating Methodology published in October 2012 entitled
"Mapping Moody's National Scale Ratings to Global Scale Ratings".
ABOUT MOODY'S AND MOODY'S INTERFAX
Moody's Interfax Rating Agency (MIRA) specializes in credit risk analysis
in Russia. MIRA is a joint-venture between Moody's Investors
Service, a leading provider of credit ratings, research and
analysis covering debt instruments and securities in the global capital
markets, and the Interfax Information Services Group. Moody's
Investors Service is a subsidiary of Moody's Corporation (NYSE:
MCO).
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Artem Frolov
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
David Staples
MD - Corporate Finance
Corporate Finance Group
Telephone: 00971 4237 9536
Releasing Office:
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
Moody's Interfax affirms Russian Helicopters' Aa2.ru rating