Часть 1.

MOODY’S ASSIGNS Ba2 FOREIGN-CURRENCY RATING TO FORTHCOMING EUROBOND ISSUE KRASNOYARSK REGION (RUSSIA)

Moody’s Investors Service assigned a Ba2 foreign currency rating to the forthcoming Eurobond issue of the Krasnoyarsk Region (Krai). The foreign currency rating is set at Russia’s sovereign ceiling of Ba2. Moody’s stated that the rating recognizes the relative importance of the region within the Russian Federation, as a result of its mineral wealth and the industries which sprung up around it. It also reflects the prudent way in which Krasnoyarsk’s budget has been managed in recent years. The rating takes into account also the future challenges facing the region, such as the ongoing industry restructuring, аs well as substantial investments in infrastructure, which are necessary in view of the region’s remote location in Western Siberia. Going forward, these investments are expected to be funded increasingly through debt. However, based on the positive track record of the region in past years, Moody’s expects the administration to continue managing its budget prudently in the future.

The heavy slant towards commodities provided a buffer for the region during the economic transition period, as it was possible to export these commodities outside Russia after their traditional markets had shrunk. Growth in these areas provided some counterbalance to the decline in other segments of the economy (defense, light industry, and heavy engineering). Budget management in this volatile environment has been prudent, demonstrated by the fact that the increase in expenditures was kept in line with the revenue growth. As a consequence, there were no deficits in the years prior to 1996. Even during that difficult year, the deficit was kept low, due to selective expenditure cuts.

According to Moody’s, the major challenges for the region will be a continuation of the restructuring process and improvements to infrastructure, as communication, with other parts of Russia remains difficult. Distances to major markets are great and this is reflected in high transportation costs. Moody’s added that these factors could negatively affect future investment in non-export industries, which could face greater obstacles in attracting private investment than some of the more accessible regions.

Krasnoyarsk Krai is situated in Western Siberia, stretching from the Arctic Ocean to the mountain regions of Southern Siberia. The Krai has a population of 3.l million, 85% of which live close to the Trans-Siberian Railway (mainly in three large towns: Achinsk, Krasnoyarsk and Kansk).

Часть 2.

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

Текст 25.

RATINGS FOR RUSSIAN REGIONS DOWNGRADED

In conjunction with its downgrade of the Russian Federation’s Long-term foreign currency rating from ‘BB’ to ‘BB-’ (BB minus). Fitch IBCA, the international rating agency, has also reduced the ratings for 7 Russian regions.

Fitch IBCA believes that the financial crisis at the federal level is impacting on regions both directly, through slower economic growth, more expensive credit, and greater difficulty in tax collection, and indirectly, as a result of the federal governments’ policy response. Evidence of financial stress on many of weaker regions has already been seen in the form of ‘agrobond’ defaults.

The anti-crisis measures passed by the Duma will put pressure on regions by making the continuation of federal credits conditional on regions eliminating their use of offsets, wage and other arrears as a source of finance. Although the proposal to shift 20% of the personal income tax to federal level was rejected, the fact that this proposed tax change formed a major part of the anti-crisis measures means that the federal government will have to return to this in the autumn. Personal income tax has been one of regions’ stronger sources of revenue. The proposed new sales tax, which will be a new source of regional revenue, was not fully approved, and in any case is likely, initially, to be more difficult to collect.

Long-term foreign currency ratings for City of St. Petersburg, Krasnoyarsk Krai, Leningrad Oblast and Republic of Komi are therefore reduced in line with the sovereign downgrade from BB to BB-’ (BB minus). These ratings are removed from RatingAlert negative. Their Short-term foreign currency rating remains unchanged at ‘B’. These ratings remain unconstrained by the sovereign ceiling in view of the systemic factors noted above.

Long-term foreign currency ratings for Kaliningrad Oblast and Moscow Oblast, which were originally assigned below the sovereign ceiling, are reduced to B+. The Moscow Oblast is placed on RatingAlert negative because of the significant deterioration in its financial position. The Long-term foreign currency rating for The Republic of Sakha (Yakutia), recently rated B+, is placed on RatingAlert negative following late payment of its ‘agrobond’.

www.fitch.IBCA

Текст 26.

ВЛАДИМИР СТРЖАЛКОВСКИЙ: «НОРНИКЕЛЬ» МОЖЕТ ПРИНЯТЬ УЧАСТИЕ В ВЫКУПЕ ДОЛИ РУСАЛА

Вчера, 5 августа, руководство ОАО «ГМК «Норильский никель» официально заявило, что имеет все финансовые возможности и готово к выкупу пакета акций компании, принадлежащих РУСАЛу.

Если будет идея сформировать пул инвесторов, то мы рассмотрим возможность активного содействия, участия... Я не вижу здесь проблемы, необязательно выкупать все акции, но какой-то пакет – можно, его можно потом продать», – цитирует генерального директора Владимира Стржалковского агентство «Рейтер».

По словам Стржалковского, денег на это хватит: Компания сейчас находится в устойчивом положении, долговое плечо составляет $3 млрд против $6,1 млрд полтора года назад. Кроме того, он отметил, что в сентябре и декабре ГМК снизит долг еще на $700 млн.

Общая стоимость 25% акций, принадлежащих РУСАлу, составляет около $8 млрд без учета премии.

По мнению аналитиков компания может выкупить и весь пакет акций в коалиции с «Интерросом».

Финансовые ресурсы для выкупа части пакета на свой баланс у «Норникеля» действительно есть, отмечает аналитик UBS Алексей Морозов.

news.yandex.ru

Текст 27.

RUSAL, AN ALUMINUM MAKER, STRIKES RESTRUCTURING DEAL WITH CREDITORS

By Andrew E. Kramer

Moscow – Rusal, the largest aluminum producer in the world, which is struggling under $16.7 billion in debt, has agreed with about 70 banks to restructure its loans and begin repayments when earnings improve, the company said Thursday.

The deal, apparently on lenient terms for Rusal and its owner, the Russian oligarch Oleg V. Deripaska, also clears the way for Rusal to take the next step back from the brink of bankruptcy: selling 10 percent of the company in an initial public offering this month.

“The signing of Rusal’s debt restructuring deal closes the chapter on a project of unprecedented size and complexity,” Mr. Deripaska said in a statement released by Rusal. He will retain about 53 percent of the company’s shares after the restructuring but before the public offering.

The deal, while troubling for its scale and potential losses for banks, is thought to set a precedent within Russia for other companies deeply in debt to Western creditors.

It suggests that banks for now are more inclined to roll over bad debt owed by often opaque Russian companies rather than rely on Russian courts to sort out claims in bankruptcy court. The move pushes into the future the need to sort out good loans from bad in the mountain of debt.

Russian debtors, along with those in the Middle East, are a focus of concern globally. Of about $200 billion in corporate debt that is coming due next year, about half is held by companies in Russia and the United Arab Emirates, according to Gary N. Kleiman of Kleiman International, a consulting firm that specializes in emerging banking and securities markets.

The foreign banks that hold about $7.4 billion of Rusal’s debt will allow the company to operate under a pay-as-you-can agreement, according to the statement Thursday.

In the first four years, interest will be paid partly in cash at rates slightly above the benchmark London interbank offered rate. The payments will depend on the performance of the business, which in turn depends on global aluminum prices. During this time, missed payments will be permitted to be rolled into the capital, the statement said.

The banks will then be asked to refinance the loans for an additional three years. Rusal also restructured $2.1 billion in debt to three Russian state banks – VTB, Gazprombank and Sberbank – on similar terms, the statement said.

The New York Times

Текст 28.

ГЕНЕРАЛЬНЫЙ ДИРЕКТОР ГМК «НОРИЛЬСКИЙ НИКЕЛЬ» ВЛАДИМИР СТРЖАЛКОВСКИЙ ПРИБЫВАЕТ 30 СЕНТЯБРЯ В КРАСНОЯРСК С РАБОЧИМ ВИЗИТОМ

Генеральный директор ОАО «ГМК «Норильский никель» Владимир Стржалковский прибывает 30 сентября с рабочим визитом в г.Красноярск, где встретится с руководством Администрации Красноярского края, а также посетит объекты Компании и ее деловых партнеров.

В частности, состоятся встречи Владимира Стржалковского с Губернатором Красноярского края Александром Хлопониным и Председателем Законодательного собрания края Александром Уссом, в ходе которых планируется обсудить перспективы взаимодействия Компании и региона.

Генеральный директор также ознакомится с деятельностью ОАО «Енисейское речное пароходство» и проведет осмотр объектов Фанпарка «Бобровый лог». Кроме того, запланирована встреча Владимира Стржалковского с Генеральным директором ОАО «Красцветмет им. В.Н. Гулидова» Игорем Тиховым, на которой будут подведены итоги и согласованы дальнейшие планы по развитию сотрудничества между компаниями.

По словам Владимира Стржалковского, на сегодняшний день основные производственные мощности ГМК «Норильский никель», несмотря на ее статус глобального производителя цветных и драгоценных металлов, расположены на территории Красноярского края. «В этой связи для нас стратегически важно эффективно взаимодействовать с региональными органами власти, укреплять отношения с партнерами и развивать бизнес, основанный на принципах социальной ответственности», - отметил Генеральный директор.

www.advis.ru