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Rating Action:

Moody's Interfax takes rating actions on Russian sub-sovereigns

21 Jan 2015

Moscow, January 21, 2015 -- Moody's Interfax Rating Agency has today downgraded the national scale ratings of fourteen Russian regions and municipalities and one government-related entity, and placed them on review for downgrade. At the same time, it placed on review for downgrade the ratings of two Russian cities and one region. These rating actions follow the weakening of Russia's credit profile as captured by the downgrade of Russia's government bond rating to Baa3 (review for downgrade) from Baa2 (negative) on 16 January 2015. For additional information, please refer to the related announcement: https://www.moodys.com/research/--PR_316487.

A full list of affected issuers and credit ratings can be found 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.

RATINGS RATIONALE

--RATIONALE FOR DOWNGRADE OF RATINGS ON 14 RUSSIAN REGIONS AND MUNICIPALITIES AND 1 GOVERNMENT-RELATED ENTITY

Moody's Interfax has downgraded the national scale ratings of SUE Vodokanal of St. Petersburg, Khanty-Mansiysk AO, Samara Oblast, Chuvashia Republic, Krasnoyarsk Krai, Komi Republic, Oblast of Omsk, Oblast of Nizhniy Novgorod, City of Krasnodar, City of Omsk, City of Volgograd, Krasnodar Krai, Belgorod Oblast, Mordovia Republic and Vologda Oblast.

The downgrade of SUE Vodokanal of St. Petersburg reflects its status as a government-related entity that is fully owned by the St. Petersburg government.

The downgrade of the ratings of 14 Russian regional and local governments (RLGs) reflects the increase in systemic risks following the weakening of Russia's credit profile, as captured in the downgrade of the government bond rating. The higher systemic risk is reflected in the deterioration of the operating environment in Russia as Moody's expects Russian GDP to contract by 5.5% in 2015 and 3% in 2016. As a result, these RLGs will face increasing pressure on their revenue base, as their corporate income tax proceeds are expected to decline significantly in 2015, while personal income tax will also likely reduce. In addition, higher borrowing costs could potentially heighten refinancing and liquidity risks, and negative pressure on federal government finances will likely limit federal subsidies to RLGs.

The downgrades of Krasnodar Krai and Oblast of Belgorod also reflect the significant deterioration of their performances during the last several years, which will make them increasingly vulnerable to the growing systemic risk. Such weaknesses are reflected in the regions' poor budgetary performances and high debt levels.

-- RATIONALE FOR REVIEW FOR DOWNGRADE ON THESE ENTITIES' RATINGS

The review for downgrade on the ratings of these entities reflects the growing systemic risks.

-- RATIONALE FOR REVIEW FOR DOWNGRADE ON RATINGS OF CITY OF MOSCOW, CITY OF ST. PETERSBURG AND MOSCOW OBLAST

The review for downgrade on the ratings of the cities of Moscow and St. Petersburg reflects the cities' institutional and macroeconomic linkages with the national government and mirrors the review for downgrade on the sovereign bond rating.

The review for downgrade of the Moscow Oblast reflects potential deterioration of its credit profile in an environment of increased systemic risk which will outweigh the relative strength of its financial fundamentals.

Moscow Oblast's rating have been placed on review for downgrade rather than downgraded as its rating includes (1) solid financial fundamentals; and (2) a moderate probability of support from the Russian government.

--FOCUS OF THE REVIEW

The review will focus on the impact of growing systemic risks and deteriorating operating environment for Russian regions, as reflected by the downgrade of the sovereign rating and its placement on review for further downgrade. The conclusion of the review would likely follow the conclusion of the review at the sovereign level.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the review for downgrade an upgrade of the ratings is unlikely. If systemic pressures abate, the ratings are likely to be confirmed, provided there is no deterioration in RLGs' budget performance. Further deterioration in the sovereign's credit quality could exert downward pressure on sub-sovereigns.

RATINGS AFFECTED

Moscow, City of: issuer rating of Aaa.ru placed on review for downgrade.

St.Petersburg, City of: issuer and debt ratings of Aaa.ru placed on review for downgrade.

SUE Vodokanal of St. Petersburg: issuer rating downgraded to Aa1.ru from Aaa.ru and placed on review for downgrade.

Khanty-Mansiysk AO: issuer rating downgraded to Aa1.ru from Aaa.ru and placed on review for downgrade.

Samara, Oblast of: issuer and debt ratings downgraded to Aa2.ru from Aa1.ru and placed on review for downgrade.

Krasnodar, Krai of: issuer and debt ratings downgraded to Aa3.ru from Aa1.ru and placed on review for downgrade.

Belgorod, Oblast of: issuer and debt ratings downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Chuvashia, Republic of: issuer and debt ratings downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Komi, Republic of: issuer rating downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Krasnoyarsk, Krai of: issuer rating downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Moscow, Oblast of: issuer rating of Aa2.ru placed on review for downgrade.

Nizhniy Novgorod, Oblast: issuer rating downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Omsk, Oblast of: issuer rating downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Vologda, Oblast of: issuer rating downgraded to A2.ru from Aa3.ru and placed on review for downgrade.

Mordovia, Republic of: issuer and debt ratings downgraded to A2.ru from A1.ru and placed on review for downgrade.

Krasnodar, City of: issuer rating downgraded to Aa3.ru from Aa2.ru and placed on review for downgrade.

Omsk, City of: issuer rating downgraded to A2.ru from Aa3.ru and placed on review for downgrade.

Volgograd, City of: issuer rating downgraded to A2.ru from Aa3.ru and placed on review for downgrade.

The sovereign action required the publication of this credit rating action on a date that deviates from the previously scheduled release date in the sovereign release calendar, published on www.moodys.com.

Specific economic indicators as required by EU regulation are not applicable for these entities.

On 16 January 2015, a rating committee was called to discuss the ratings of the Russian sub-sovereign entities. The main points raised during the discussion were: The systemic risk in which the issuers operate has materially increased.

The principal methodology used in rating Russia RLGs was Regional and Local Governments published in January 2013. The principal methodology used in rating Russia GRIs was Government-Related Issuers published in October 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The weighting of all rating factors is described in the methodology used in this rating action, if applicable.

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 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).

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.

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.

Vladlen Kuznetsov
Vice President - Senior Analyst
Sub-Sovereign Group
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Interfax takes rating actions on Russian sub-sovereigns
No Related Data.
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