Moody's rates Alrosa notes Ba3

Moody's Investors Service said it assigned Ba3 ratings to Alrosa Co. Ltd.'s notes and affirmed its Ba2 corporate family rating following the announcement by Moody's that the ratings of the Russian Federation have been put on review for possible upgrade.

As Alrosa is a government-related issuer, the ratings factor expected government support, which is reflected in the medium support and low dependence assumptions made by Moody's as part of its joint default analysis for government-related issuers.

Given unchanged assumptions on government support and dependence, a one-notch upgrade of the Russian Federation's ratings would not result in a change in the ratings of Alrosa, which has a baseline credit assessment of 6. Consequently Alrosa's ratings have been affirmed, Moody's said.

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