Page 73 - RusRPTAug20

of RUB61/sh. Following completion of settlements under the voluntary tender offer, the remaining shares in free-float are expected to constitute c12.5%, including 2.9% represented by depositary receipts. The company may consider another repurchase of its ordinary shares approximately at the same price level as the price of voluntary tender offer, but in any event no higher. Any such repurchase will be subject to consideration and approval by the company’s BoD and the receipt of all necessary corporate and, if applicable, statutory approvals. On GDRs, the company will proceed with cancelling its listing on the London Stock Exchange and will make further announcements as required under the UK Listing Rules and other applicable laws and regulations.
8.4 ​International ratings
Russia - Rating agency
as of July 1, 2020
last change
Moodys (USD rating)
Baa3 (S)
02/08/19
Fitch (USD rating)
BBB (N)
09/08/19
S&P
BBB- (S)
23/02/18
Russia’s credit ratings have been improving ​and all three ratings agencies have returned Russia to “investment grade” status (BBB- or more by S&P and Fitch, Baa3 by Moody’s).
Moody’s rates Russia at Baa3​ with stable outlook on both its foreign and local currency debt.
Moody’s last upgraded Russia from Ba1 (Positive) in January 2018 as the economy started to emerge from several years of recession. The lowest rating the country had was B3 in August 2008 following the collapse of the ruble that year and technical default on the GKO state treasury bills. The highest the country has scored was Baa1 in March 2013 as economy bounced back from the 2008 crisis.
Fitch rates Ukraine at BBB-​ on both its foreign and local currency debt with no outlook indicated.
Fitch has been a lot more upbeat on Russia and has consistently ranked if with a treble B rating since 2004 of one sort or another, as it take more account of Russia rock solid fundamentals – the low external debt and large currency reserves. The lowest rating it had was CCC in August 2008 following the currency meltdown. The highest rating was Baa1 in March 2013 thanks to the economic rebound that year.
Standard & Poor’s (S&P) rates both Russia’s foreign debt at BBB-​ with stable outlook and the local debt at BBB.
S&P has also been fairly consistent on Russia’s rating. Its lowest grade was BB+ (negative) awarded in January 2015. The highest was BBB awarded in December 2008.
73​ RUSSIA Country Report​ August 2020 ​ ​www.intellinews.com