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PLEASE READ AND SCROLL DOWN!

 

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Rating Action:

Moody's Interfax places on review for downgrade National Scale ratings of nine Russian non-financial corporates

10 Mar 2016

One company placed on review direction uncertain

Moscow, March 10, 2016 -- Moody's Interfax Rating Agency, which is majority-owned by Moody's Investors Service (MIS), has today placed on review for downgrade the national scale ratings of nine Russian non-financial corporates. The action affects government-related issuers (GRIs) rated Aa3.ru and above, and private non-financial corporates rated Aa2.ru and above.

At the same time, Moody's has placed the Aa2.ru national scale corporate family rating of Magnitogorsk Iron & Steel Works (MMK) on review with direction uncertain.

A full list of ratings affected by this action is provided at the end of this press release.

Please see ratings tab on the issuer/entity page on moodys.com for information on Global Scale Rating (GSR).

RATINGS RATIONALE

Today's action follows Moody's decision to place on review for downgrade GSRs of the nine Russian non-financial corporates and place on review with direction uncertain GSR of MMK. Please see MIS's press release of 10 March 2016 for details: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_345092

The GSR action was prompted by Moody's decision on Friday 4 March to place Russia's Ba1 government bond and issuer ratings on review for downgrade, on the back of a further sharp fall in oil prices and heightened vulnerability of Russia's public finances. For additional information on the changes to the country ratings, please refer to the related announcement: https://www.moodys.com/research/--PR_344606

PRINCIPAL METHODOLOGY

The principal methodology used in rating NLMK and Magnitogorsk Iron & Steel Works was Global Steel Industry published in October 2012.

The principal methodology used in rating Power Machines OJSC was Global Manufacturing Companies published in July 2014.

The principal methodology used in rating Uralkali PJSC and OJSC PhosAgro was Global Chemical Industry Rating Methodology published in December 2013.

The principal methodology used in rating Federal Passenger Company OJSC was Global Passenger Railway Companies published in March 2013.

The principal methodology used in rating IRKUT Corporation, JSC was Global Aerospace and Defense Industry published in April 2014. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

The principal methodology used in rating Kamaz OJSC was Global Manufacturing Companies published in July 2014. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

The principal methodology used in rating Russian Railways Joint Stock Company was Global Surface Transportation and Logistics Companies published in April 2013. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

The principal methodology used in rating Sovcomflot PAO was Global Shipping Industry published in February 2014. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's Interfax Credit Rating Agency's National Scale Credit 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 credit 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 credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Credit 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).

List of affected ratings:

On Review for Downgrade:

..Issuer: Russian Railways Joint Stock Company

.... NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa1.ru

..Issuer: Federal Passenger Company OJSC

.... NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa1.ru

..Issuer: NLMK

.... NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa1.ru

..Issuer: IRKUT Corporation, JSC

.... NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa3.ru

..Issuer: Kamaz OJSC

.... NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa3.ru

..Issuer: Power Machines OJSC

.... NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa2.ru

..Issuer: OJSC PhosAgro

....NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa1.ru

..Issuer: Uralkali PJSC

....NSR Corporate Family Rating, Placed on Review for Downgrade, currently Aa2.ru

..Issuer: Sovcomflot PAO

.... NSR Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Aa3.ru

On Review Direction Uncertain:

..Issuer: Magnitogorsk Iron & Steel Works

....NSR Corporate Family Rating, Placed on Review Direction Uncertain, currently Aa2.ru

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Ekaterina Botvinova
Vice President - Senior Analyst
Corporate Finance Group
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

Victoria Maisuradze
Associate Managing Director
Corporate Finance Group
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

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 places on review for downgrade National Scale ratings of nine Russian non-financial corporates
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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