Moody’s rates State Transport Ba2

Moody’s Investors Service said it assigned a Ba2 long-term corporate family rating to State Transport Leasing Co., OJSC, a 100% government-owned leasing company domiciled in Russia.

The outlook is negative.

Moody’s also said it assigned a baseline credit assessment of B2.

Given the company’s government ownership and policy role, Moody’s said it considers the company to be a government-related issuer and rates it under that methodology.

The company’s Ba2 long-term rating reflects the company’s baseline credit assessment of B2 with an uplift of three notches due to the strong likelihood of support in case of need from the Russian government, the agency said.

The ratings also consider Russia’s challenging operating environment and weak economic conditions, along with the company’s growing market franchise in Russia, Moody’s said.

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