OREANDA-NEWS. National Rating Agency has lowered its national scale credit rating on Reserve Trust Company CJSC (RTC) to 'C+'. The outlook for the rating is Indefinite. NRA's first-time credit rating of 'BBB+' was assigned to RTC on May 20, 2012 and re-affirmed each consecutive year (the latest affirmation date is Oct. 7, 2015). On Jan. 21, 2016, NRA placed RTC on its Watchlist with indefinite implications. The company's credit rating has been under review from the time of its Watchlist placement.

Continued uncertainties around the changes in RTC's ownership structure and the absence of up-to-date information regarding the structure of the company's assets tat has been used by the Rating Agency as a basis for the assessment of RTC's credit standing, financial policy and corporate governance, make it difficult for NRA to make a reliable assessment of RTC's ability to perform its obligations (currently having a “Technical default” status) in full and in a timely manner. On Jan. 6, 2016 the company technically defaulted on its bond's coupon payment of RUB 685.85 million and a pull option on its RUB 4.47 bn Series 03 bond.

RTC offers a full range of project consulting and management services, from project identification to delivery. Currently, it is involved in a number of investment projects, providing their financing through debt (bond) placements and equity investment in project development companies. In this way, RTC attracts professional investors’ funds for long-term investments, acting not only as an intermediary, but also as a controller and a developer.

NRA’s analytical products, including ratings and the contents of this press release, are statements of NRA’s independent opinion as of the date they are expressed and not statements of fact or recommendations to make any investment decisions or conduct any stock market transactions. NRA is not responsible for any results obtained from the use of opinions and/or information contained in this press release.

While NRA has obtained information from sources it believes to be reliable, NRA does not guarantee that this information is perfectly correct, complete and accurate, as it does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.