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22/01/2014
15:59
AK&M Rating Agency affirms OJSC Main Road's bonded loan 4-03-12755-A at 'A-1'

AK&M Rating Agency affirmed the national scale credit rating assigned to infrastructure bonded loan 4-03-12755-A issued by OJSC Main Road at 'A', tier 1. The outlook is positive.

The 'A' rating indicates that bonded loan 4-03-12755-A qualifies as a highly reliable bonded loan. Risk of a delay in meeting liabilities is relatively low, restructuring risk for a loan / part of a loan is minimal.

Bonded loan 4-03-12755-A was placed on November 22, 2012 pursuant to the concessionary agreement for the financing, construction and toll operation of a new junction of the Moscow Automobile Ring Road and the M-1 'Belarus' Moscow Ц Minsk federal highway. The nominal value of the bonded loan was RUB 8 billion. The bond issue placed at a 10% discount from the nominal value for a period of 18 years assumes annual coupon payments. Three regular annual coupon payments were effected on bonded loan 4-03-12755-A in 2011-2013. The loan will be repaid in equal amounts in the last eight years of the loan period.

In 2013, AK&M Rating Agency rated OJSC Main Road, the issuer of bonded loan 4-03-12755-A, 'A' as per the national scale, with a positive outlook; in 2014, the rating was affirmed. The rating of bonded loan 4-03-12755-A is largely backed by the issuer's credit standing and the efficient implementation of the highway construction and operation project.

OJSC Main Road is a special-purpose vehicle established solely for implementing the building and operation project of the toll highway "New junction of the Moscow Automobile Ring Road (MKAD) and the M-1 'Belarus' Moscow Ц Minsk federal highway" (a connecting highway between the MKAD near the Molodogvardeyskaya street interchange, and the M-1 federal highway). In pursuance of this public-private partnership project, a 30-year concessionary agreement was concluded specifying OJSC Main Road as the concessionary and the Russian Federation (Federal Road Agency) as the concession provider (hereinafter referred to as the concessionary agreement). Total cost of the highway construction (net capex) incl. VAT is RUB 25.5 billion. The highway is constructed and put into operation, fees have been collected from motor vehicles since January 1, 2014.

The issuer's 'A' credit rating is backed by the state guarantees for the project as provided for by the concessionary agreement, the Government's commitment to the project financing, commencement of commercial operation of the highway, high earning power of the project, sufficient positive cash flows to cover the debt service and repayment obligations, and low operational risks incidental to the project.

OJSC Main Road is a special purpose vehicle established 11/13/2007 by a consortium of investors including ALPINE BAU (Austria), BRISA-Auto-estradas de Portugal (Portugal), FCC (Spain), LEADER Management Company, Stroygazconsulting LLC, Gazprombank OJSC. On August 5, 2009, a concessionary agreement for the financing, construction and toll operation of the "New junction of the Moscow Automobile Ring Road (MKAD) and the M-1 'Belarus' Moscow Ц Minsk federal highway" was concluded between the Russian Federation, on the one hand, and OJSC Main Road, on the other hand.

To date, OJSC Main Road has placed three bond issues. Bonded loan 4-03-12755-A (the total nominal amount being RUB 8 billion) was placed 11/22/2010, final maturity date being 10/30/2028; bonded loan 4-06-12755-A (the nominal amount being RUB 8.17 billion) was placed 12/28/2012 and will mature on 12/8/2028; bonded loan 4-07-12755-A was placed 11/20/2012, its nominal amount is RUB 1.4 billion, maturity date is 10/30/2029.

In 2012, AK&M Rating Agency assigned an 'A' credit rating to bonded loan 4-07-12755-A, with a positive outlook, and affirmed this rating in 2013. In 2013, the Agency assigned an 'A+' credit rating to bonded loan 4-06-12755-A, with a stable outlook.

This press release is based on the statement of assigning a credit rating to bonded loan 4-03-12755-A issued by OJSC Main Road.

The credit rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's reliability and shall not be considered as advice on the purchase and sale of securities or the provision of loan facilities to the Company.

CJSC AK&M Rating Agency will not incur any responsibility for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.

CJSC AK&M Rating Agency is a leading independent national rating agency engaged in rating activities since 1993.

CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010).

AK&M Ratings are recognized by the Central Bank of Russia (for providing unsecured lending facilities Ц Regulation 323-P), Vnesheconombank (for granting subordinated loans) and SME Bank (for its program of lending to SME businesses), RUSNANO (when selecting banks to provide cash and settlement services to project and engineering companies implementing investment projects), and the MICEX (for the Corporate Bond Index / MICEX CBI and Municipal Bond Index / MICEX MBI calculation and bond listing purposes). By a resolution of Russia's Government AK&M Ratings count for the recapitalization of banks. Besides, AK&M Rating Agency is recognized by AHML and accredited by SRO National Securities Market Association.


"AK&M", 22.01.2014

 

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