RusRating lowers credit rating on OOO Transgazservis BO-01 bond series
OREANDA-NEWS. RusRating has lowered the credit rating assigned to the BO-01 bond series issued by OOO Transgazservis from "B" to “C” on the international scale and from "BB" to “CC” on the national scale, in both cases with a stable outlook.
According to the agency, the rating cut reflects the realisation of regulatory risks.
The rating is based on backing in the form of a public put option provided by OOO Tekhnomark that covers the entire bond series together with coupon revenues, plus backing in the form of a capital stake in OOO Profit Trade, the company behind the Agroholding project.
Constraining factors include high risks associated with an investment project in its early stages and the lack of additional backing for the bonds.
About the Issue
The five million non-convertible, interest-bearing, documentary, centrally-held bearer exchange bonds (series BO-01) have a nominal value of one thousand roubles each (R5bn in total) and come due 1820 days from the issue date (14.11.2014), i.e. on 08.11.2019. Placement took place via open subscription and was organised by the investment company RONIN. The securities include provisions for early redemption at the initiative of bondholders.
About the Issuer
OOO Transgazservis is a Russian SPV company registered in 2009 that issues bonds on behalf of a major financial-industrial group. It conducts no other business activity.
Pyotr Valerievich Sidorov is General Director of the Company, which is owned by OOO Eliot Style. The group’s central entity is Bank Rossiiski Kredit, which lost its banking license on 24 July 2015.
The funds generated by the issue are earmarked for the Agroholding project, which aims to develop an agricultural cluster in Tula region on behalf of the above-mentioned financial-industrial group. Specifically the project involves development of the Yefremov and Suvorov poultry (egg) plants plus construction of a new poultry plant, greenhouse facilities and a pig-breeding farm.
The issuer had previously placed and redeemed a R3bn bond series.
Комментарии