Moody’s rates Siberian Coal Ba3, Suek Finance bonds Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Siberian Coal Energy Co., JSC (SUEK).

The outlook is stable.

Concurrently, the agency withdrew the Ba3 corporate family rating, Ba3-PD probability of default rating and stable outlook of SUEK Ltd.

Moody's also assigned a provisional Ba3 (LGD4) senior unsecured rating to the proposed up to RUB 10 billion domestic bonds to be issued by SUEK Finance, a Russian-domiciled limited liability company and a 100% subsidiary of Siberian Coal.

Moody’s said the withdrawal of the ratings of SUEK Ltd. and assignment of ratings to Siberian Coal follows the company's corporate reorganization, as a result of which Siberian Coal has become the ultimate holding company of the group, consolidating all of the group's assets.

Under the new group structure, Siberian Coal directly controls hard coal and infrastructure assets of the group, while SUEK Ltd. (100% subsidiary of Siberian Coal) controls brown coal assets and international trading business.

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