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ACRA assigns BBB+(RU) to bonds issued by Tele2-Saint-Petersburg OJSC

Credit rating rationale. Bond issues (RU000A0JRKC4, RU000A0JS3L9) are senior unsecured debt of Tele2-Saint-Petersburg OJSC (the Issuer), a subsidiary of T2 RTK Holding LLC (the Group). The bonds have been rated following a public irrevocable offer from T2 RTK Holding LLC, the holding company of the Group. The Issuer is an operating company of the Group, but its share in the Group's returns is not high. In the absence of direct guarantee from Т2 Mobile LLC, the main operating company, the Issuer's senior unsecured debt is deemed subordinate to other financial liabilities of the Group. According to the ACRA methodology, the reimbursement rate for Issuer's unsecured debt belongs to Category III, and therefore, the bond issues are rated BBB+(RU), i.e. one notch lower than the credit rating of T2 RTK Holding LLC.

The credit rating assigned to T2 RTK Holding LLC is a result of high leverage and strong liquidity assessment. T2 RTK Holding LLC is a large-scale company, characterized by the high operating profile assessment, high profitability, and low free cash flow.

Key issue properties

Borrower

T2 RTK Holding LLC

Issuer credit rating

A-(RU), outlook Stable

Actual issuer

Tele2-Saint-Petersburg OJSC

Type of security

Certificated interest-bearing non-convertible bearer bonds

ISIN

RU000A0JRKC4

Issue volume

RUB 5 bln

Final placement date

June 24, 2011

Maturity date

June 11, 2021

 

Borrower

T2 RTK Holding LLC

Issuer credit rating

A-(RU), outlook Stable

Actual issuer

Tele2-Saint-Petersburg OJSC

Type of security

Certificated interest-bearing non-convertible bearer bonds

ISIN

RU000A0JS3L9

Issue volume

RUB 4 bln

Final placement date

February 13, 2012

Maturity date

January 31, 2022

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments Under the National Scale of the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to bonds (RU000A0JRKC4, RU000A0JS3L9) issued by Tele2-Saint-Petersburg OJSC for the first time. The credit rating is expected to be revised within one year following the rating action date (July 9, 2018).

The assigned credit rating is based on the data provided by T2 RTK Holding LLC, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and T2 RTK Holding LLC participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by T2 RTK Holding LLC in its financial statements have been discovered.

ACRA provided no additional services to T2 RTK Holding LLC. No conflicts of interest were discovered in the course of credit rating assignment.

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