OREANDA-NEWS. RusRating has placed the rating for the OOO Promnefteservis BO-01 bond series on its watch list, which means that the rating or rating outlook could change (either favourably or unfavourably) in response to new information received from the Issuer or from public sources. At this time the rating is unchanged at “BB-“ on the international scale and “BBB-“ on the national scale, in both cases with a stable outlook.

The rating is based on close business ties to a financial-industrial group with more than R150bn in assets; guaranteed demand for rated bonds; the Issuer's favourable credit history; and a comfort letter from Bank Rossiiski Kredit that guarantees the Company's debt obligations.

Constraining factors include high risks associated with a new investment project and deteriorating conditions in the market for residential real estate.

About the Issue

The five million non-convertible interest-bearing centrally-held documentary bearer exchange bonds (series BO-01) have a nominal value of one thousand roubles each and are due for redemption 1820 days after the start of placement (on 21 November 2019). Distribution took place by open subscription. The bonds include both put and call options. The issue was organised by IK Ronin.

The funds will be invested in a 100 000 m2 low-rise comfort-class residential complex (Bolshoi Rogachevski Kvartal) near the city of Lobnya in Moscow region. The general contractor on the project is OOO “Investitsionno-Stroitelnaya Kompania BRK” [trs. BRK Investment-Construction Company LLC], which has close business ties to the above-mentioned financial-industrial group.

About the Issuer

OOO “Promnefteservis” is a Russian SPV company registered in 2009 that issues bonds on behalf of the above-mentioned financial-industrial group. It conducts no other business activity.

Viktor Ivanovich Dzyuba has been General Director of the Company since February 2015. The Company's owner is OOO Legion-A, acting on behalf of the above-mentioned financial-industrial group with R150bn in assets, whose ultimate beneficiary is A.L. Motylev.

The Issuer has previously placed a R3bn bond series (4-01-36376-R dated 17 November 2009). All coupon obligations were met in full and on schedule. The bonds were redeemed on 5 December 2014.