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Standard & Poor’s Rating Services assigned BBB-/ruAAA to the estimated bond issue of JSC Atomenergoprom

18 ноября 2009
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17 November 2009 Standard & Poor’s announced assigning BBB-/ruAAA long-term rating to JSC Atomenergoprom’s estimated bond issue for a total of RUR 195bn. The bonds ratings are equal to JSC Atomenergoprom’s credit ratings.

As it has already been reported, Standard & Poor’s credit rating service assigned long and short-term ratings at BBB-/A-3 level according to the international scale to JSC Atomenergoprom on October 15. The rating outlook is Stable. Besides, JSC Atomenergoprom was assigned national ruAAA rating. In compliance with terms the issue will comprise 10 series namely RUR 30bn (1–5 series), RUR 10bn (6–9 series) and RUR 5bn (10 series).

JSC Atomenergoprom is planning to place 1–3 series of bonds (for a total of RUR 90bn) in November — December 2009 with the rest of series to be placed in 2010. The bonds will have annual coupon payment (on February 15 for 1–3 series, August 15 for 4–7 series). Coupon rate for 1–3 series will be attached to the Bank of Russia’s annual REPO rate plus 2.25%. Coupon rate for each of such issues will be established by an individual executive body’s decision shortly before placement. The issuer will have the right to exercise an early bond calling in compliance with terms of the issue. The bond issue is guaranteed by State Atomic Energy Corporation “Rosatom”.

Part of attracted funds are planned to refund short-term loans attracted by the industry’s enterprises. Another trend is financing part of affiliated organizations and State Atomic Energy Corporation Rosatom enterprises’ investment program for 2009 — 2010. In particular among fund receivers there are JSC Rosenergoatom Concern (implementation of NPP construction program), JSC TVEL (modernization and renewal of nuclear fuel fabrication), JSC ARMZ Uranium Holding (development of mining assets in Russia and abroad within the scope of JVs), JSC TENEX and JSC United Company Enrichment Sublimation Complex (modernization and renewal of production capacities with the shift to the new generation of gas centrifuges), JSC Atomenergomash (investments in development of nuclear mechanic engineering to support the program for commissioning new reactor units), and CJSC Atomstroyeksport.

In particular, according to Standard & Poor’s, the factors positively affecting JSC Atomenergoprom’s rating are a large-scale state support for the industry’s development programs, vertically-integratedbusiness-model of the company providing for a full nuclear production cycle, and a guaranteed monopoly in RF nuclear area. Standard & Poor’s Services’ report points out that the company has a highly profitable (compared with analogous Russian companies) power production in Russia, and envisages extra profits due to market deregulation. Besides, the company has strong positions on the global market in uranium mining, conversion, enrichment, and nuclear fuel production compared with foreign competitors. According to the agency, these positions are backed by favorable forecast of global nuclear industry development. Alongside with this in the agency’s opinion the effect of aforementioned positive trends is constrained by a number of factors arising from the stage of the company’s lifecycle (it was founded about two years ago) — the company is in the process of establishing corporate structure — and from the absence of consolidated financial statements as required by IFRS. As it was already reported, JSC Atomenergoprom will submit IFRS consolidated financial statements in 2010.

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