Page 90 - RusRPTJul20

80% during the epidemic, which also led to rupture in revenues. Before the outbreak of the crisis, the revenues of the company in 1Q20 went up by 13.7% year on year to RUB5.9bn, with net profit up by 58% to RUB333mn. In 2018 Medsi became the market leader​, beating the MD Medical Group (Matj i Detya, MDMG) in terms of revenues as the competition in the private segment was heating up. Previously Medsi's strategy was doubling the number of clinics by 2023, ​including through acquisitions​, with St Petersburg being one of its top priority locations.
Mail.ru​ Group announced on June 22 that it would apply for a cross-listing in Moscow ​"to diversify its shareholder base and qualify for inclusion into stock indexes." Trading is to commence in the "coming weeks," according to the company's press release. Should liquidity minimums be met as we expect, the Moscow listing would join the MSCI indexes in November. A locally traded instrument that meets MSCI's minimum liquidity requirements has been the missing piece of the puzzle for ​Mail.ru​ Group to join the MSCI indexes. Should the liquidity criterion be met -, which we think is highly likely - then the GDR would appear set to enter the MSCI indexes as of the next semiannual rebalancing, the results of, which will be announced after markets close on November 11. Should it not be met or MSCI judge the results of the cross-listing not adequately conclusive, inclusion may be delayed to a subsequent semiannual index review. With expectations that the Moscow listing starts trading sometime in July, we would expect MSCI to review liquidity for a November inclusion case for ​Mail.ru​ Group based on September's trading.
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.
90​ RUSSIA Country Report​ July 2020 ​ ​www.intellinews.com