OREANDA-NEWS. RusRating has lowered the credit rating assigned to the BO-01 exchange bond series issued by OOO Promnefteservis from "CC" to “C” on the national scale and from “C” to “D” on the international scale (bankruptcy/default level). The rating was subsequently cancelled.

The rating cut was prompted by an anticipated technical default on coupon payments scheduled for 26 November 2015.

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, beginning on 27 November 2014. The securities include provisions for early redemption on the initiative of both issuer and bondholders. The issue was organised by IK Ronin.

OOO “Promnefteservis” is a Russian SPV company set up in 2009 to issue bonds on behalf of a major financial-industrial group that has since ceased operations. The group centred on Bank Rossiiski Kredit, whose banking license was withdrawn on 24 July 2015.

The funds were invested in a low-rise comfort-class residential complex (Bolshoi Rogachevski Kvartal) near the city of Lobnya in Moscow region.

The Issuer had previously placed and redeemed a R3bn bond series.