Page 106 - RusRPTMar21

share capital via an issuance of 88,487,391 new ordinary shares, which implies a c13% increase of shareholder capital, but a 30% dilution for ordinary shareholders on the number of shares. The current structure of shareholder capital consists of 294,957,971 ordinary shares and 20,000 preferred shares. According to the company, the goal is to expand its portfolio by up to 1mn sqm. In case the EGM approves the additional issuance, the Board of directors will be granted permission to initiate issuance at any time within the next 2 years, with the timing and price subject to market conditions. The deal might be structured as one or several public and private placements of newly issued shares. According to legislation, shares will be offered on a pre-emptive basis to the existing shareholders pro-rata ownership structure.
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.
106 RUSSIA Country Report March 2021 www.intellinews.com