LenSpetsSMU repays Amsterdam Trade Bank credit in full and on time


On Tuesday, 08 September, CJSC “Central Department of Real Estate LenSpetsSMU” (CJSC CDR) paid off the credit of Amsterdam Trade Bank N. V. (ATB) amounting to 15.0 million US dollars in full and on time.

ATB credit was allocated to finance LenSpetsSMU’s main business activity.

More detailed information can be found on the company’s financial site.


As a result, the Holding’s total current liabilities in terms of financial debt are USD 137.1 mil (as opposed to the beginning of 2009 – USD 226.8 mil).

17% of current indebtedness to be repaid in 2009, 56% - in 2010, and 27% between 2011 and 2014.

Since the beginning of 2009 LenSpetsSMU has redeemed credits and loans totaling 100 million US dollars.

On the 1st of September, 2009 Standard & Poor’s prepared the rationale with a short explanation of LenSpetsSMU credit rating after the company had demonstrated its capacity to fulfill its debt obligations to the creditors in due time and in full. In the rationale it once again confirmed the rating of CJSC SSMO LenSpetsSMU as ‘B’ rating according to the international scale and ‘ruA’ rating on the national scale; outlook “stable”

Standard & Poor’s analysts say that over the last few months LenSpetsSMU has made progress in better distributing its debt maturity profile over the past months. According to S&P, LenSpetsSMU will be able to satisfy its needs in refinancing owing to management's demonstrated proactive treasury management, established borrowing relationships, and historically good access to the Russian loan market.

S&P rationale also says that preliminary financial statements for I half of 2009 show that LenSpetsSMU’ creditability indexes are higher than S&P’s requirements for this level of ratings, approximately 1.3 times in the ratio of debt to EBITDA and approximately 50% in the ratio of debt to equity capital. At the same time Standard & Poor’s considers these indexes adequate for the confirmed rating, taking into account impaired liquidity indexes and severe market conditions.


Mikhail Dukhovny, Director of Corporate Communications Department
Telephone: +7 (812) 348-21-25, e-mail: dukhovny_m@lenspecsmu.ru

Victor Vasenev, Deputy CFO
Telephone: +7 (812) 348-09-95, e-mail: vasenev_v@lenspecsmu.ru