S&P rates FML (East Line) bonds B-

Standard & Poor's said it assigned its B- long-term corporate credit and ruBBB- Russia national scale ratings to FML Ltd. (East Line Group), a Manx holding company, which operates the second-largest airport, Domodedovo, in Moscow and has other interests in Russia.

The outlook is stable.

At the same time, S&P assigned its B- senior unsecured rating to special-purpose entity East Line Capital SA's proposed eurobond issue, which benefits from guarantees by multiple East Line group companies.

"The ratings on East Line are constrained by the group's complex and nontransparent structure, the critical role the chairperson plays in most important matters concerning the company, a high reliance on its leasehold and operations of the DME airport complex, and limited access to capital markets," said S&P credit analyst Tatiana Kordyukova.

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