Moody's affirms Alrosa

Moody's Investors Service said it affirmed the Ba2 corporate family ratings of Alrosa Co. Ltd. and Ba2 senior unsecured $500 million 2014 notes raised by Alrosa Finance SA and guaranteed by Alrosa Co.

The outlook is stable.

The outlook is supported by the expectation of continuous resolute support by the government that should help to stabilize the financial position in an increasingly difficult operating environment, according to the agency.

Alrosa's liquidity remains constrained as the company faces the need to refinance substantial amounts of debt maturing throughout 2009, while the immediate pressure on the liquidity position has been alleviated following the provision of funds to refinance maturing debt in the fourth quarter by a state-owned bank, the agency said.

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