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Rating Action:

Moody's reviews for downgrade 13 Russian non-financial corporates and subsidiaries following sovereign action

10 Mar 2016

MMK placed on review direction uncertain

London, 10 March 2016 -- Moody's Investors Service has placed 13 Russian non-financial corporates and their supported subsidiaries on review for downgrade. The action affects government-related issuers (GRI) rated Ba3 and above, and private non-financial corporates rated Ba2 and above.

The action follows Moody's decision on 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 the 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

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

Moody's has also placed the Ba2 corporate family rating and Ba2-PD probability of default rating of Magnitogorsk Iron & Steel Works (MMK) on review with direction uncertain.

RATINGS RATIONALE

Today's action reflects Moody's view that a potential one-notch downgrade of Russia's ratings, and if appropriate, the associated lowering of the sovereign debt ceiling, would lead to a same-size downgrade of the ratings of those corporates positioned at the sovereign level, and potentially, the repositioning of corporate ratings that are currently one notch below the sovereign level, to reflect the relative credit strengths of each individual corporate in a weaker operating and credit environment.

Moody's also sees increasing risks that the Russian government's supportive stance towards a particular industry or company may be reduced should the government face simultaneous calls for support from many entities and sectors, due to pressures developing at the sovereign level. Concurrently, Moody's will reassess the Russian government's willingness and ability to provide support to those GRIs whose ratings are to a material degree susceptible to a potential deterioration of the sovereign credit profile.

FACTORS TO BE CONSIDERED IN THE RATING REVIEW

The reviews for downgrade will assess each corporate's resilience to the increased risk arising from the prevailing negative operating conditions, which is likely to be limited, as reflected by the alignment of the country ceiling for foreign-currency debt with the sovereign rating.

In addition, Moody's will also consider, as indicated, the need for adjustments to its assumptions regarding the Russian government's willingness and ability to provide support to corporates, in the event of need. While Russia's fiscal buffers (including the government's savings funds) remain substantial, these funds may be stretched in view of the low level of expected real economic growth and the potential rise of calls on these funds from, in particular, the Central Bank of Russia to cover future external debt payments and/or to support the banking industry.

The review with direction uncertain of MMK reflects Moody's view that there is positive pressure on the company's credit rating owing to an improvement in its financial metrics, particularly its leverage, that may warrant either an upgrade if the sovereign ratings remain at their current level, or a confirmation, but that there is also the potential for negative pressure, depending on the conclusion of the sovereign review.

Moody's will aim to finalise its reviews of the 13 non-financial corporates and their supported subsidiaries as well as MMK following completion of the sovereign review.

WHAT COULD CHANGE RATINGS DOWN/UP

A downgrade of Russia is likely to result in downgrades of corporates rated Ba1. Moody's will undertake selective approach to positioning the ratings of corporates currently rated Ba2-Ba3 taking into account their standalone resilience to heightened macroeconomic pressures, as well as the likelihood of state support for GRIs.

There is no upward rating pressure for the corporates covered by today's announcement, except in the case of MMK, given the review for downgrade. The ratings could be confirmed at their current levels if the sovereign rating of Russia is confirmed at Ba1, as a result of the sovereign review, and if there is no material deterioration in operating conditions or company-specific factors.

The principal methodology used in rating Sibur Holding, PJSC, Sibur Securities Limited, Uralkali PJSC, Uralkali Finance Limited, OJSC PhosAgro and PhosAgro Bond Funding Limited was Global Chemical Industry Rating Methodology published in December 2013.

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

The principal methodology used in rating NLMK, Steel Funding Limited, PAO Severstal, Steel Capital S.A. and Magnitogorsk Iron & Steel Works was Global Steel Industry published in October 2012.

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 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 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:

On Review for Downgrade:

..Issuer: OJSC PhosAgro

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: PhosAgro Bond Funding Limited

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: Sibur Holding, PJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: Sibur Securities Limited

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: Uralkali PJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba2

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba2-PD

..Issuer: Uralkali Finance Limited

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba2

..Issuer: IRKUT Corporation, JSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba3

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba3-PD

..Issuer: Kamaz OJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba3

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba3-PD

..Issuer: Power Machines OJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba2

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba2-PD

..Issuer: NLMK

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: Steel Funding Limited

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: PAO Severstal

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: Steel Capital S.A.

....BACKED Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)Ba1

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: MegaFon PJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: Mobile TeleSystems PJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: MTS International Funding Limited

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: Russian Railways Joint Stock Company

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: RZD Capital PLC

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba1

..Issuer: Federal Passenger Company OJSC

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba1

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba1-PD

..Issuer: Sovcomflot PAO

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently Ba3

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Ba3

.... Probability of Default Rating, Placed on Review for Downgrade, currently Ba2-PD

.... Corporate Family Rating, Placed on Review for Downgrade, currently Ba2

..Issuer: SCF Capital Limited

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba3

On Review Direction Uncertain:

..Issuer: Magnitogorsk Iron & Steel Works

.... Corporate Family Rating, Placed on Review Direction Uncertain, currently Ba2

.... Probability of Default Rating, Placed on Review Direction Uncertain, currently Ba2-PD

Outlook Actions:

..Issuer: OJSC PhosAgro

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

..Issuer: PhosAgro Bond Funding Limited

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

..Issuer: Sibur Holding, PJSC

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

..Issuer: Sibur Securities Limited

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

..Issuer: Uralkali PJSC

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

..Issuer: Uralkali Finance Limited

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

..Issuer: IRKUT Corporation, JSC

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

..Issuer: Kamaz OJSC

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

..Issuer: Power Machines OJSC

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

..Issuer: NLMK

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

..Issuer: Steel Funding Limited

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

..Issuer: PAO Severstal

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

..Issuer: Steel Capital S.A.

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

..Issuer: MegaFon PJSC

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

..Issuer: Mobile TeleSystems PJSC

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

..Issuer: MTS International Funding Limited

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

..Issuer: Russian Railways Joint Stock Company

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

..Issuer: RZD Capital PLC

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

..Issuer: Federal Passenger Company OJSC

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

..Issuer: Sovcomflot PAO

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

..Issuer: SCF Capital Limited

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

..Issuer: Magnitogorsk Iron & Steel Works

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

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 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 reviews for downgrade 13 Russian non-financial corporates and subsidiaries following sovereign action
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