Moody's shows impact of revised policy on foreign-currency ceilings

Moody's Investors Service published the results of an examination of corporate sector ratings in Europe, the Middle East and Africa (EMEA) in light of the revision of its rating methodology for foreign-currency ceilings.

Below is a list of affected issuers in the EMEA region, including the rating changes resulting from the application of the methodology. The parent company is listed, with the rated entity in parentheses, the rated class of debt and the final rating outcome and outlook.

Food Contract Corp.: Issuer rating (foreign currency) - upgraded to Baa2 from Baa3; Outlook changed to stable from under review for upgrade (UR-U); issuer rating (domestic currency) - affirmed at Baa2/stable.

JSC KazTransGas (Intergas Central Asia) - issuer rating (foreign currency) - upgraded to Baa2 from Baa3; Outlook changed to stable from UR-U corporate family rating (foreign currency) - upgraded to Baa2 from Baa3; Outlook changed to stable from UR-U.

JSC KazTransGas senior unsecured debt rating (foreign currency) - affirmed at Baa2/stable

JSC KazTransOil - corporate family rating (foreign currency) - upgraded to Baa2 from Baa3; outlook changed to stable from UR-U, senior unsecured debt rating (foreign currency) - affirmed at Baa2/stable.

Kazakhstan Electricity Grid Operating Co. - issuer rating (foreign currency) - upgraded to Baa1 from Baa3; Outlook changed to stable from UR-U; issuer rating (domestic currency) - affirmed at Baa1/stable.

Kazakhstan Temir Zholy (Kazakhstan Temir Zholy) - issuer rating (foreign currency) - upgraded to Baa1 from Baa3; Outlook remains UR-U; the rating stays constrained by the new country ceiling issuer rating (domestic currency) - affirmed at A3/stable.

Kazakhstan Temir Zholy (Kazakhstan Temir Zholy Finance BV) - senior unsecured debt rating (foreign currency) - affirmed at Baa1/UR-U - NJSC Naftogaz of Ukraine - corporate family rating (foreign currency) - upgraded to Ba3 from B1; Outlook remains stable; the rating stays constrained by the new country ceiling senior unsecured debt rating (foreign currency) - affirmed at Ba2/stable.

OAO AK Transneft - issuer rating (foreign currency) - upgraded to A2 from Baa2; Outlook remains stable; issuer rating (domestic currency) - affirmed at A2/stable; issuer rating (Russian long term national scale rating) - affirmed at Aaa.ru.

OJSC Gazprom - issuer rating (foreign currency) - upgraded to Baa1 from Baa2; Outlook remains stable.

Ordu Yardimlasma Kurum Group - corporate family rating (foreign currency) - upgraded to Ba2 from Ba3; Outlook remains stable; corporate family rating (domestic currency) - affirmed at Ba2/stable.

Russian Railways Joint Stock Co. - issuer rating (foreign currency) - upgraded to A3 from Baa2; Outlook remains stable; issuer rating (domestic currency) - affirmed at A3/stable; issuer rating - affirmed at Aaa.ru.

Sovcomflot JSC - issuer rating (foreign currency) - upgraded to Baa1 from Baa2; Outlook remains stable; issuer rating (domestic currency) - affirmed at Baa1/stable.

Telkom SA Ltd. - issuer rating (foreign currency) - upgraded to A3 from Baa1; Outlook remains stable; issuer rating (domestic currency) - affirmed at A3/stable.

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