OREANDA-NEWS. On 25 May 2009 was announced, that following FESCO’s official request, Moody’s Investors Services withdrew all its assigned credit ratings.

The following ratings are withdrawn:

— Corporate Family Rating (CFR) of B3

— Probability of Default Rating (PDR) of Caa1

— Long-term National Scale Rating (NSR) of Baa3.ru

According to Yury Gilts, FESCO VP and Chief Financial Officer, “under the current circumstances, given the situation in the transportation industry, there appears a visible gap between FESCO’s financial stability fundamentals and assigned ratings, which is confirmed by Moody’s previous Credit Opinion. Based on the trends we observe, this gap may widen going forward. As FESCO currently has no plans to issue corporate debt securities and/or raise any new additional debt, we see no reason to maintain corporate credit ratings at this stage".

According to the previous official Credit Opinion by Moody’s from March 25, 2009 FESCO’s Indicated Rating from Methodology was B1, with the actual rating assigned — B3.