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2 October 2017

Fitch Ratings revised its outlook to "Positive" for the rating of the State Company Avtodor

On September 29, 2017, Fitch Ratings revised its outlook for the long-term issuer default rating in foreign and national currency of the State Company Avtodor from "Stable" to "Positive".

These changes followed Fitch Ratings actions as to revision of its outlook for the long-term issuer default rating (hereinafter  referred to as the “IDR”) of the Russian Federation (see Fitch Revises Russia's Outlook to Positive; Affirms at 'BBB-' dated September 22, 2017 on the website www.fitchratings.com).

The current rating evaluation is at the level of sovereign ratings, corresponds to the investment grade and reflects the high creditworthiness degree of the State Company Avtodor.

Fitch Ratings notes that the ratings of the State Company Avtodor are linked with sovereign ratings, therefore any rating action with respect to the Russian Federation will be reflected on the ratings of this company of the public sector.

The list of rating actions with respect to the State Company Avtodor ratings is as follows:

Long-term foreign and local currency IDRs are affirmed at 'BBB-', the outlook is revised from "Stable" to "Positive";

Short-term foreign currency IDR is affirmed at "F3" level;

Senior unsecured debt (in respect of the issuer’s securities): the ratings are affirmed at 'BBB-' level.

The information on the rating assignment method is available on the rating agency’s website: http://www.fitchratings.com