Standard & Poor's assigns ‘B’ rating to LenSpetsSMU’s new loan participation notes issue

14.06.2011

On 10 June 2011, Standard & Poor’s assigned the international scale ‘B’ rating and a recovery rating of ‘4’ to CJSC SSMO LenSpetsSMU’s loan participation notes issue amounting to 150mn USD.

S&P also confirmed that the corporate rating of CJSC SSMO LenSpetsSMU and the rating of their previous issues of bonds of 01 and БО-02 series remains at ‘B’ according to the international scale and ruA on the national scale.

The recovery rating, based on the evaluation of the company’s liquidation asset value and assigned to CJSC SSMO LenSpetsSMU’s bonds and loan participation notes, is close to the highest level for companies in the Russian Federation.

The Standard & Poor’s report is available in full on LenSpetsSMU’s financial web-site.

REFERENCE:

The current rating of CJSC SSMO LenSpetsSMU is B / Stable / B; ruA.

LenSpetsSMU was the first and remains the only Russian construction company to receive and publish credit ratings from Standard & Poor's, the largest and most stringent international rating agency.

The ‘B’ international scale rating shows that the company has the capacity to meet its financial commitments on obligations in full and on time.

The ‘ruA’ national scale rating indicates that the company is characterized by a moderately strong capacity to meet its financial commitments on obligations in full and on time, as compared to other Russian issuers.

CORPORATE CREDIT RATINGS HISTORY

22.12.2006

The rating as per international scale – ‘B’, outlook – stable, the rating as per national scale – ‘ruA-’ were assigned.

The rating for ruble-denominated bonds of CDR (01 and 02 series), where CJSC SSMO LenSpetsSMU acted as a guarantor, as per national scale ‘ruA-’ was also assigned.

21.03.2007

The ratings as per the international scale (‘B’, outlook – stable) and national scale (‘ruA-’) were affirmed.

17.04.2007

The rating for obligations (CLN) as per the international scale ‘B’ was assigned.

12.12.2007

The outlook as per the international scale was revised from «stable» to «positive».

The rating as per national scale was increased from ‘ruA-’ to ‘ruA’.

The rating of ruble bonds of 01 and 02 series was also increased from ‘ruA-’ up to ‘ruA’.

04.04.2008

The ratings as per the international and national scales were affirmed.

07.10.2008

The outlook as per international scale was revised from «positive» to «stable» due to the financial crisis and wider deterioration of the economy.

The rating as per the national scale was unaltered.

30.01.2009

In spite of the process of changing the credit-linked note (CLN) parameters, the ratings as per the international and national scales were affirmed.

26.03.2009

The ratings as per the international and national scales were affirmed.

01.09.2009

Following the fulfillment of the major part of debt obligations being subject to redemption in 2009, the international and national scale ratings were affirmed.

11.12.2009

The ratings as per international and national scales were affirmed.

24.05.2010

The rating for obligations (stock-exchange bond issue of БО-02 series) as per the international scale ‘B’ was assigned.

11.06.2010

The ratings as per international and national scales were affirmed.

19.11.2010

The ratings as per international and national scales were affirmed.

10.06.2011

The rating for obligations (LPN) as per international scale ‘B’ was assigned.

CONTACT DETAILS:

Natalia Menzel, Head of Public Relations

tel. (812) 348-21-25, e-mail: menzel_n@lenspecsmu.ru

Viktor Vasenev, Deputy CFO

tel. (812) 348-09-95, e-mail: vasenev_v@lenspecsmu.ru