Moody’s applies B1 to O1 bonds

Moody's Investors Service said it assigned a B1 rating to the proposed $150 million domestic bonds due in 2021 to be issued by O1 Properties Finance JSC and guaranteed by O1 Properties Ltd. (O1).

The outlook is stable.

O1 Properties Finance will issue the bonds for the sole purpose of financing loans to O1 and its key operating subsidiaries. Moody's expects that the proceeds will be used for repayment of part of the company's existing debt.

The bonds will be denominated in dollars and settled in Russian rubles at the exchange rate determined by the Central Bank of Russia for the relevant date.

Moody’s said the B1 rating is in line with O1's B1 corporate family rating, which reflects its: (a) Large high quality office property portfolio; (b) leading position in the most lucrative and stable segment in Russia of Class A properties in Moscow's central business district (CBD); (c) diversified top-tier tenant base; (d) balanced lease terms and maturities; and (e) conservative development strategy with current development risk limited to below 5% of its total portfolio.

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