Page 147 - RusRPTJun24

8.3.3 ECM news
8.4 International ratings
Russia - Rating agency
as of May 30, 2022
last change
Moodys (USD rating)
Ca
06/03/22
Fitch (USD rating)
Ca
08/03/22
S&P
CC
17/03/22
Following sanctions on professional services introduced in April the main ratings have all suspending their ratings for Russia which has an NR rating from all three of the big agencies. The last ratings were issued in March shortly after the war started and put Russia on “near default” across the board.
8.5 Fixed income
Foreigners have largely disengaged from the Russian sovereign debt market since the start of the war. Non-resident holdings have dropped 1.3 trillion rubles (or 47%) since October 2022 as bonds matured. Credit institutions’ holdings of OFZs, on the other hand, have risen significantly over the same period.
Russian Novatek gas major placed 5-year US dollar linked bonds,
oversubscribing the issue several-fold from $200mn minimum guidance to $750mn placed, and lowering the final coupon rate from 6.5% to 6.25%. Notably, the issue in question is not a replacement bond issue, but the first local issue of bonds linked to an "unfriendly" currency placed since 2021,
147 RUSSIA Country Report June 2024 www.intellinews.com