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Rating Action:

Moody's changes to stable outlook on 18 Russian non-financial corporates following affirmation of Russia

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 JPY550,000,000.

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

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