Moody’s gives Ba3 to Acron bonds

Moody's Investors Service said it assigned Ba3 ratings with a loss given default (LGD) assessment of LGD4 to two proposed three-year (with a 1˝-year put option embedded), RUB 5 billion (RUB 10 billion total ($150 million)) domestic bonds to be issued by JSC Acron.

These two issues complete Acron's RUB 15 billion domestic bond issuance program, which comes under a bond issuance documentation registered in 2012.

Acron will use the proceeds to refinance its existing short-term debt.

The outlook is stable.

Moody’s said the Ba3 assignment, which is the same level as Acron's corporate family rating and its other rated senior unsecured domestic bonds, assumes that the instruments will rank pari passu to senior unsecured debt in the Acron group's capital structure. The group predominantly uses unsecured and pre-export types of financing for its operating activities and capital investment purposes.

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