Часть 2. MOODY’S DOWNGRADES RUSSIA’S COUNTRY CEILINGS FOR FOREIGN CURRENCY BONDS AND BANK DEPOSITS

MOODY’S DOWNGRADES RUSSIA’S COUNTRY CEILINGS FOR FOREIGN CURRENCY BONDS AND BANK DEPOSITS

Moody’s Investors Service today downgraded the country ceiling for foreign currency bonds and notes of Russia to B1 and the country ceiling for foreign currency bank deposits to B2. Consequently, all Ва3-rated foreign currency bonds of the Russian Federation and of other issuers domiciled in Russia have been downgraded to B1. Moody’s also assigned new ratings of B2 to medium-term rouble-denominated bonds and Not Prime to short-term debt of the government of the Russian federation, including GKOs (treasury bills). A list of the affected public sector and corporate bonds is appended below. A press release concerning ratings of Russian banks will be issued separately. All ratings carry a negative outlook.

Moody’s noted that current developments in Russian financial markets reflect both external and internal factors. The volatility that characterizes international and domestic capital markets will continue to create periodic problems and an enhanced risk of default as long as basic structural issues are not adequately addressed, including fiscal imbalances, external sector inefficiencies, political instability, lack of policy credibility and an inhospitable socio-juridical environment for foreign investment.

Ва3-rated bonds of the following issuers have been downgraded to B1: Russian federation; Republic of Komi; Kasnoyarsk Krai; Moscow Oblast; Moscow City; Nizhny Novgorod Oblast; Samara Oblast; Sverdlovsk Oblast; Tartarstan Republic; Moscow City Telephone Network (MGTS).

www.moody’s