Moody’s upgrades Kamaz to Ba3

Moody's Investors Service said it upgraded Kamaz PTC’s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

The outlook is stable.

Moody’s said the upgrade reflects Kamaz's strengthened standalone credit quality, on the back of a recovery in the Russian heavy truck market, and the agency’s expectation of continued strong government support to the company and a continuation of the market recovery.

Moody's expects that, based on government support, Kamaz should be able to maintain its improved credit metrics and liquidity in line with the current rating in the absence of market shocks.

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