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Annual report 2012

Social report 2012

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Bond Issues and Credit Ratings

BOND ISSUES

In 2012, four subsidiaries of the Company issued bonds totaling 21 billion rubles. The Company did not issue its bonds in the reporting period. Information about the bonds placed in 2012 is detailed below:

Issue No. Value (rubles in millions) Placement Date Interest Rate, %
LENENERGO (corporate bonds)
4-04-00073-A 3,000 April 24, 2012 8.5
MOESK (exchange-traded bonds)
4B02-01-65116-D 5,000 September 21, 2012 8.8
4B02-02-65116-D 5,000 October 29, 2012 8.8
IDGC of Centre (exchange-traded bonds)
4B02-01-10214-A 4,000 October 17, 2012 8.95
IDGC of Center and Volga Region
4B02-01-12665-E 4,000 December 18, 2012 9.15

INFORMATION ON CREDIT RATINGS ASSIGNED IN 2012

  • On November 29, 2012, Moody’s affirmed the Company’s Ba1 rating (developing outlook).
  • On January 12, 2012, Standard & Poor’s assigned a BB- rating to MOESK.
  • On October 12, 2012, with the Company’s direct involvement, Moody’s assigned a Ba2 rating to three subsidiaries, namely IDGC of Volga, IDGC of Center and Volga Region, and IDGC of Urals.

Having a stable credit rating enables the Company and its subsidiaries to be increasingly attractive to investors and borrow on more favorable terms. The credit ratings of the Company’s subsidiaries are shown below:

Subsidiary Moody’s Credit Rating Standard & Poor’s Credit Rating
LENENERGO Ba2 N/A
MOESK Ba2 BB
IDGC of Centre N/A BB
IDGC of Center and Volga Region Ba2 N/A
IDGC of Urals Ba2 N/A
IDGC of Volga Ba2 N/A