S&P assigns BB+ to DME

Standard & Poor's said it assigned a BB+ long-term and B short-term corporate credit ratings to DME Ltd.

The outlook is stable.

The ratings reflect the company's fair business risk profile and intermediate financial risk profile, S&P said.

DME is a privately owned company that operates Domodedovo, Russia's largest airport by passenger traffic in 2012, the agency said.

Together with two other airports, Sheremetyevo and Vnukovo, it forms the Moscow Aviation Hub, which is responsible for more than 70% of passenger traffic in Russia, S&P said.

The company's fair business risk profile reflects its substantial legal and regulatory risks because it operates in an industry that has strategically important infrastructure critical to national security, the agency said.

Regulations for airports in Russia lack transparency and often are unpredictable, S&P said.

The company is exposed to country risk in Russia, including the somewhat complex enforcement of taxes, an unpredictable court system and a developing political and institutional environment, the agency said.

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