S&P rates CJSC notes B

Standard & Poor's said it assigned a B senior unsecured debt rating to the proposed credit-linked notes of a minimum $100 million issued by Moscow River BV, a special-purpose vehicle belonging to CJSC SSMO LenSpecSMU (B/stable/B).

The rating on the issue mirrors the issuer's long-term corporate credit rating, the agency said.

Proceeds are expected to be used to refinance nearing debt maturities.

S&P said the ratings are constrained by the company's aggressive growth appetite, the evolving and fairly complex regulatory environment, lack of administrative transparency and predictability in Russia and the company's limited market diversification and size.

The risks are moderated by robust industry growth in Russia, combined with the company's competitive business model, sizable market position, established operating track record and effective cost controls, according to the agency.

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