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PLEASE READ AND SCROLL DOWN!

 

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Rating Action:

Moody's confirms the ratings of 5 Russian non-financial corporates following confirmation of Russia

26 Apr 2016

London, 26 April 2016 -- Moody's Investors Service has today confirmed the Ba1 corporate family ratings (CFRs), the Ba1-PD probability of default ratings (PDRs) of four Russian non-financial corporates and the Ba1 instrument ratings of the entities and their guaranteed subsidiaries:

- Russian Railways Joint Stock Company and its guaranteed debt-issuing subsidiary RZD Capital PLC

- Federal Passenger Company OJSC

- Mobile TeleSystems PJSC and its guaranteed debt-issuing subsidiary MTS International Funding Limited

- Megafon PJSC

The outlook on all these ratings is negative.

Concurrently, Moody's has also confirmed the Ba2 CFR, Ba2-PD PDR and Ba3 issuer rating of Sovcomflot PAO and the Ba3 senior unsecured rating of its guaranteed subsidiary SCF Capital Limited, with stable outlook.

A full list of the affected companies and rating actions appears below.

The confirmations take into account the following drivers:

-- the Russian economy's demonstrated resilience to the drop in oil prices

-- anticipated ongoing government support for the GRIs

-- somewhat decreased credit risks for corporates

Today's action concludes the rating review initiated by Moody's on 4 March 2016 and follows Moody's confirmation of Russia's Ba1 government bond with a negative outlook on 22 April 2016. For additional information, please refer to the related announcement: https://www.moodys.com/research/--PR_347453

Russia's country ceilings, which include its Ba1/NP country ceilings for foreign currency debt, its Ba2 country ceiling for foreign currency deposits and its Baa3 country ceiling for local currency debt and deposits, were not changed. 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.

RATINGS RATIONALE

Today's confirmations reflect Moody's view that (1) Russia's economy has exhibited resilience to the fresh drop in oil prices early this year thanks to an effective blend of macro policy responses, and (2) the fiscal adjustment underway appears sufficient to reduce the 2016-18 deficits to a level that can be financed in the domestic capital markets and fiscal reserve drawdowns. As a result, the credit risks for the Russian non-financial corporates affected by today's rating actions have somewhat decreased.

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 NEGATIVE OUTLOOK ON Ba1-RATED COMPANIES

The negative outlook on the four affected non-financial corporates rated Ba1 is in line with the negative outlook for the sovereign rating. This reflects Moody's view that these corporates' ratings will likely follow negative developments at the sovereign rating.

RATIONALE FOR STABLE OUTLOOK ON SOVCOMFLOT

The stable outlook on Sovcomflot's Ba2 CFR and Ba3 issuer rating reflects Moody's view that these ratings are likely to remain at current levels in the event of a one-notch sovereign downgrade, owing to the company's strengthening standalone positioning and its low default dependence with the sovereign.

WHAT COULD CHANGE RATINGS UP/DOWN

A downgrade of Russia is likely to result in downgrades of corporates rated Ba1. 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 could also put pressure on the ratings.

Moody's does not expect positive pressure to be exerted on the ratings in near term, owing to sovereign-related factors, and considering the negative 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 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.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Mobile TeleSystems PJSC, MTS International Funding Limited and MegaFon PJSC was Global Telecommunications Industry published in December 2010.

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 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.

The principal methodology used in rating Sovcomflot PAO and SCF Capital Limited 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.

List of affected ratings:

Confirmations:

..Issuer: Federal Passenger Company OJSC

.... Probability of Default Rating, Confirmed at Ba1-PD

.... Corporate Family Rating, Confirmed at Ba1

..Issuer: Russian Railways Joint Stock Company

.... Probability of Default Rating, Confirmed at Ba1-PD

.... Corporate Family Rating, Confirmed at Ba1

....Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

..Issuer: RZD Capital PLC

....BACKED Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

....Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

..Issuer: MegaFon PJSC

.... Probability of Default Rating, Confirmed at Ba1-PD

.... Corporate Family Rating, Confirmed at Ba1

..Issuer: Mobile TeleSystems PJSC

.... Probability of Default Rating, Confirmed at Ba1-PD

.... Corporate Family Rating, Confirmed at Ba1

..Issuer: MTS International Funding Limited

....BACKED Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

..Issuer: Sovcomflot PAO

.... Issuer Rating (Foreign Currency), Confirmed at Ba3

.... Issuer Rating (Local Currency), Confirmed at Ba3

.... Probability of Default Rating, Confirmed at Ba2-PD

.... Corporate Family Rating, Confirmed at Ba2

..Issuer: SCF Capital Limited

....BACKED Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3

Outlook Actions:

..Issuer: Federal Passenger Company OJSC

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Russian Railways Joint Stock Company

....Outlook, Changed To Negative From Rating Under Review

..Issuer: RZD Capital PLC

....Outlook, Changed To Negative From Rating Under Review

..Issuer: MegaFon PJSC

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Mobile TeleSystems PJSC

....Outlook, Changed To Negative From Rating Under Review

..Issuer: MTS International Funding Limited

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Sovcomflot PAO

....Outlook, Changed To Stable From Rating Under Review

..Issuer: SCF Capital Limited

....Outlook, Changed To Stable From Rating Under Review

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.

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.

Julia Pribytkova
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 confirms the ratings of 5 Russian non-financial corporates following confirmation of Russia
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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