Press Releases / 30.12.2014

Press Release as of 30.12.2014


Main Road OJSC

AK&M Rating Agency raised the national scale credit rating of infrastructure bonded loan 4-07-12755-A issued by OJSC Main Road from 'A' tier 1 to 'A+', with a stable outlook.

The 'A+' rating indicates that bonded loan 4-07-12755-A qualifies as a highly reliable bonded loan. The risk of a failure to meet obligations in time is insignificant.

 

Bonded loan 4-07-12755-A in the amount of RUB 1.4 billion maturing in 6,188 days was meant to be one of the sources of financing for the construction / subsequent operation project of a new junction between the Moscow Automobile Ring Road and the federal highway M-1 'Belarus' Moscow – Minsk, a modern 18.5 km long high-speed toll highway. OJSC Main Road is the principal investor in the project and the issuer of bonded loan 4-07-12755-A.

 

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 – Minsk federal highway" (a connecting highway between the MKAD near the Molodogvardeyskaya street interchange, and the M-1 federal highway). OJSC Main Road is an SPV company established by a consortium of companies ALPINE BAU, BRISA-Auto-estradas de Portugal, FCC, LEADER Management Company, Stroygazconsulting LLC, and Gazprombank OJSC. 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). To a large extent, the highway construction project was financed with infrastructure bonds issued by OJSC Main Road. One of such bond issues is the currently rated bonded loan 4-07-12755-A of OJSC Main Road.

 

The positive rating action regarding bonded loan 4-07-12755-A issued by OJSC Main Road was motivated by the issuer's national scale credit rating upgrade from 'A' to 'A+'.

 

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 shall 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 2014, AK&M Rating Agency assigned an 'A+' credit rating to bonded loan 4-03-12755-A, with a stable outlook. Bonded loan 4-06-12755-A was rated 'A++' with a stable outlook in 2014.

OJSC Main Road, the bond issuer, was rated 'A+' on the national scale with a stable outlook in 2014.

 

Full name: "Main Road", Open Joint-Stock Company.

This press release is based on the Statement of assignment of a credit rating to bonded loan 4-07-12755-A issued by OJSC Main Road.

 

The rating, along with any information and conclusions provided in this press release, only conveys our creditworthiness opinion and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.

AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.

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) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.

 

CJSC Analysis, Consulting and Marketing Rating Agency

www.akmrating.ru

Ul. Gubkina 3, Moscow, Russia

Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.

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