On October 21, FitchRatings performed rating actions with regard to Russian public companies, which resulted in the changes in the forecast as to the ratings of the State Company Russian Roads (Avtodor) from "Negative" up to "Stable". These changes followed the actions of FitchRatings aimed at revising the forecast on the long-term issuer default rating (hereinafter referred to as the “IDR”) of the Russian Federation.
The current ranking score is at the level of sovereign ratings, it complies with investment category, and reflects the high level of creditworthiness of the State Company Avtodor.
The International rating agency FitchRatings takes into account strong operational ties with the state and is sensible of the fact that the company is a state-owned one and has direct government guarantee on its debt.
The rating actions with respect to the ratings of the State Company Avtodor:
Long-term IDR in foreign currency has been confirmed at the level BBB-; the forecast changed from "Negative" to "Stable"
National long-term rating has been confirmed at the level AAA (rus), the forecast: "Stable"
Short-term IDR in foreign currency has been confirmed at the level F3
Senior unsecured rating: confirmed at the level BBB- / AAA (rus).
Rating actions with regard to the securities of the State Company Avtodor (bonds of series 01 and series 03) have not been performed; currently, the bonds are being rated as follows:
Long-term international rating: BBB-.
Long-term national rating: AAA (rus).
Information on rating methodology is available on the website of the rating agency: http://www.fitchratings.ru/
Avtodor State Company was founded in 2009. The company's goal is to develop a network of express toll roads, encourage off-budget investments and develop service area facilities.
The asset management of the State Company Avtodor embrace the highways M-1 Belarus, M-4 Don, M-3 Ukraine and a new highway M-11 Moscow - St. Petersburg.
The State Company carries out their comprehensive reconstruction. Avtodor is the executive company in charge of building the Central Ring Road (CRR) in Moscow and the Moscow Region.
To implement all of its major projects, the State Company makes use of public-private partnership mechanism (PPP).