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04 Dec 2015
London, 04 December 2015 -- Moody's Investors Service has today changed to stable from negative the
outlook on (1) the Ba1 corporate family ratings (CFRs) and the Ba1-PD
probability of default ratings (PDRs) of 16 Russian non-financial
corporates and their family entities' ratings; and (2) the
Ba3 CFRs and Ba3-PD PDRs of two Russian non-financial corporates
and their family entities' ratings. Concurrently, Moody's
has affirmed these ratings.
Please click on the following link to access the full list of affected
credit ratings. This list is an integral part of this press release
and identifies each affected issuer: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_186448
Today's actions follow Moody's change of the outlook on Russia's
Ba1 government bond rating to stable from negative on 3 December 2015,
reflecting the stabilization of Russia's external finances and the
diminished likelihood of the Russian economy or finances facing a further
intense shock in the next 12-18 months. Russia's country
ceilings remain unchanged at Ba1/NP (foreign currency bonds), Ba2/NP
(foreign currency bank deposits) and Baa3 (long-term local currency
debt and deposits). A country ceiling generally indicates the highest
rating level that any issuer domiciled in that country can attain for
instruments of that type and currency denomination. For additional
information, please refer to the related announcement https://www.moodys.com/research/--PR_339462
RATINGS RATIONALE
Credit risks for the Russian non-financial corporates affected
by today's rating actions have somewhat decreased, as a result
of (1) the stabilization of Russia's external finances, resulting
from a macroeconomic adjustment that has helped to mitigate the effect
of the fall in oil prices on official FX reserves; and (2) the diminished
likelihood of the Russian economy or finances facing a further intense
shock in the next 12-18 months, such as from additional international
sanctions given some easing of the conflict in eastern Ukraine.
However, Moody's expects that the operating environment for
Russian non-financial corporates will remain challenging,
although less than previously expected, over the next 12-18
months. This is the result of continuing weak domestic demand resulting
from Russia's structurally weak growth potential, as well
as limited availability of favourably priced investment capital.
RATIONALE FOR STABLE OUTLOOK
The stable outlook assigned to the affected non-financial corporates
is in line with the stable outlook for the sovereign rating and reflects
Moody's expectation that each company's specific credit factors,
including their operating and financial performance, market positions
and liquidity, will remain commensurate with their ratings on a
sustainable basis.
WHAT COULD CHANGE RATINGS UP/DOWN
Moody's does not expect positive pressure to be exerted on the ratings
in near term, owing to sovereign-related factors, and
considering the stable outlook on the sovereign rating of Russia.
However, positive pressure could be exerted on the ratings if Moody's
were to raise Russia's sovereign rating and/or the foreign-currency
bond country ceiling, depending on the company's specific
credit factors, including their rating's positioning,
operating and financial performance, market positions, liquidity
and in the case of the government related issuers (GRIs), Moody's
assessment of the credit linkages between a corporate and the state,
as well as the probability of the Russian government providing extraordinary
support to the GRIs in the event of financial distress.
Conversely, negative pressure would be exerted on the ratings if
there is (1) a downgrade or a change of the outlook to negative on Russia's
sovereign rating and/or a lowering of the foreign-currency bond
country ceiling; or (2) a material deterioration in company-specific
factors, including operating and financial performance, market
positions, liquidity and the probability of the Russian government
providing extraordinary support to GRIs in the event of financial distress.
PRINCIPAL METHODOLOGIES
The principal methodology used in rating IRKUT Corporation, JSC
and Russian Helicopters 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 OJSC PhosAgro, PhosAgro
Bond Funding Limited, Sibur Holding, PJSC and Sibur Securities
Limited was Global Chemical Industry Rating Methodology published in December
2013.
The principal methodology used in rating OAO Novatek and Novatek Finance
Limited was Global Independent Exploration and Production Industry published
in December 2011.
The principal methodology used in rating Gazprom Neft JSC, GPN Capital
S.A., Lukoil, PJSC and LUKOIL International
Finance B.V. was Global Integrated Oil & Gas Industry
published in April 2014.
The principal methodology used in rating Bashneft, Gazprom,
PJSC, Gaz Capital S.A., OOO Gazprom Capital,
OJSC Oil Company Rosneft, Rosneft International Finance Limited,
Rosneft International Holdings Limited and Rosneft Finance S.A.
was Global Integrated Oil & Gas Industry published in April 2014.
Other methodologies used include the Government-Related Issuers
methodology published in October 2014.
The principal methodology used in rating Gazprom ECP S.A.was
Moody's Global Short-Term Ratings published in August 2015.
Other methodologies used include the Government-Related Issuers
methodology published in October 2014.
The principal methodology used in rating MMC Norilsk Nickel, PJSC
and MMC Finance Limited was Global Mining Industry published in August
2014.
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 NLMK, Steel Funding Limited,
PAO Severstal and Steel Capital S.A. was Global Steel Industry
published in October 2012.
The principal methodology used in rating MegaFon PJSC, Mobile TeleSystems
PJSC and MTS International Funding Limited was Global Telecommunications
Industry published in December 2010.
The principal methodology used in rating Russian Railways Joint Stock
Company and RZD Capital PLC was Global Surface Transportation and Logistics
Companies published in April 2013. Other methodologies used include
the Government-Related Issuers methodology published in October
2014.
Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.
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.
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 Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Victoria Maisuradze
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's changes to stable outlook on 18 Russian non-financial corporates following affirmation of Russia
No Related Data.
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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 JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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