Moody’s might cut Russian non-financial corporates

Moody's Investors Service said it placed 13 Russian non-financial corporates and their supported subsidiaries on review for downgrade.

The action affects government-related issuers rated Ba3 and above and private non-financial corporates rated Ba2 and above.

The action follows Moody's March 4 decision to place Russia's Ba1 government bond and issuer ratings on review for downgrade, on the back of a further sharp fall in oil prices and the heightened vulnerability of Russia's public finances.

The following ratings were placed on review for downgrade:

• PhosAgro OJSC: Ba1/Aa1.ru corporate family rating;

• PhosAgro Bond Funding Ltd.: Ba1 senior unsecured bonds;

• Sibur Holdings, PJSC: Ba1 corporate family rating and Ba1-PD probability of default rating;

• Uralkali PJSC: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Uralkali Finance Ltd.: Ba2 senior unsecured bonds;

• Irkut Corp., JSC: Ba3/Aa3.ru corporate family rating and Ba3-PD probability of default rating;

• Kamaz OJSC: Ba3/Aa3.ru corporate family rating and Ba3-PD probability of default rating;

• Power Machines OJSC: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• NLMK: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• Steel Funding Ltd.: Ba1 senior unsecured bonds

• PAO Severstal: Ba1 corporate family rating and Ba1-PD probability of default rating;

• MegaFon: Ba1 corporate family rating and Ba1-PD probability of default rating;

• Mobile TeleSystems OJSC: Ba1 corporate family rating and Ba1-PD probability of default rating;

• Russian Railways JSC: Ba1/Aa1.ru corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured bonds;

• RZD Capital plc: Ba1 senior unsecured bonds;

• Federal Passenger Co. OJSC: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating; and

• Sovcomflot PAO: Ba3 issuer rating, Ba2/Aa3.ru corporate family rating and Ba2-PD probability of default rating.

Magnitogorsk Iron & Steel Works’ Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating were placed under review with direction uncertain.

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