Moody's rates Sistema-Hals B1

Moody's Investors Service said it rated a B1 foreign-currency corporate family rating to Sistema-Hals. Moody's Interfax Rating Agency assigned an A1.ru national scale rating.

The outlook is stable.

The ratings reflect the company's leading position in Moscow, its diversification into related businesses, its relationships with city authorities and the synergies derived from being part of the Sistema group, Moody's said. The company also benefits from its development track record and expertise, solid project pipeline and relatively conservative financial policies, the agency said.

The ratings also consider the company's relatively small size, its exposure to the Moscow metropolitan area, its limited track record of sustaining operations during industry downturns and need to maintain good relationships with Moscow city authorities for some of its business, along with the cyclical nature of the real estate business, the agency said.

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