Moody's changes Autobann view to positive

Moody's Investors Service said it changed Autobann’s (JSC Soyuzdorstroy) and Avtoban-Finance, JSC's outlook to positive from stable.

The agency also affirmed Aubotann's corporate family rating at B1 and probability of default rating at B1-PD. Concurrently, Moody's affirmed the B1 rating of the outstanding ruble-denominated senior unsecured Russian bonds issued by Avtoban-Finance.

“Today's rating action reflects the completion of the company's two large construction projects which has reduced project execution and cost overruns risks, its increased size over the recent years together with improved profitability, and its strong order backlog which should help the company to sustain sound operating performance in 2021-23. Although Autobann's consolidated leverage is likely to be around 5x over the next two years, its debt primarily consists of non-recourse long-term project finance facilities, with maturities being covered by concession payments from a government-related entity,” Moody’s said in a press release.

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