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      1. 2.3.1 Description of tariff policy
      2. 2.3.2 Analysis of revenues and expenses
      3. 2.3.3 Analysis of receivables and payables
      4. 2.3.4 Credit ratings and bonds

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2.3.4 Credit ratings and bonds

Bonds

During the reported period the Company had RUBruble 1.6 billion BOexchange-traded bonds-02 series and RUBruble 5.0 billion BOexchange-traded bonds-05 series exchange-traded bonds in floatation. BOexchange-traded bonds-02 series bonds were placed on 27 November 2015. The effective date was 24 November 2015. The issue matures in 10 years, with designated offer due 7 years after the effective date and redemption offer due 4 years upon holders’ consent. The coupon rate was set at 11.58% per annum, equal to coupon yield for each coupon period at RUBruble 57.74 per one bond. BOexchange-traded bonds-05 series bonds were placed on 30 August 2016. The effective date was 26 August 2016. The issue matures in 10 years, with two redemption offers due 3 and 5 years after effective date upon holders’ consent. The coupon rate was set at 9.32% per annum until maturity, equal to coupon yield for each coupon period of RUBruble 46.47 per one bond. In 2018, OAOOpen Joint-Stock Company IDGCInterregional Distribution Grid Company of Urals has discharged its bond-related liabilities in full.

As of 31.12.2018 OAOOpen Joint-Stock Company IDGCInterregional Distribution Grid Company of Urals has issued the following securities:

  1. BOexchange-traded bonds-03 series exchange-traded bonds (4B02-03-32501-D) with total par value of RUBruble 3,0 billion to be redeemed on 3640th date since BOexchange-traded bonds-03 series bond effective date;
  2. BOexchange-traded bonds-04 series exchange-traded bonds (4B02-04-32501-D) with total par value of RUBruble 4,0 billion to be redeemed on 3640th date since BOexchange-traded bonds-04 series bond effective date;
  3. Series 001R Exchange-Traded Bond Program (documentary interest-bearing non-convertible bearer exchange-traded bonds with mandatory centralized custody, ID No. 4-32501-D-001P-02E. Total ceiling par value of exchange-traded bonds to be placed under the program is RUBruble 25.0 billion. Maximum maturity of exchange-traded bonds to be placed under the program is 10,920 days since the effective date. Program’s duration is 50 years after the ID number was assigned to the program (02.2017).

The Company has placed no bonds during 2018. As of 31.12.2018, the Company’s bond debt was RUBruble 6,600 million.

Credit rating

As of 01.01.2018 Moody’s Investor Service has assigned us Ba1 corporate family rating (CFRcorporate family rating) and probability of default rating (PDRprobability of default) with Stable Outlook. On Nov. 20, 2018 Moody’s Investor Service has confirmed the corporate family rating (CFRcorporate family rating) of IDGCInterregional Distribution Grid Company of Urals at Ba1 (Stable outlook).

OAOOpen Joint-Stock Company IDGCInterregional Distribution Grid Company of Urals’ Ba1 corporate family rating reflects its robust financial profile together with Moody’s expectation that the company’s debt metrics will remain within the guidance for the current rating. IDGCInterregional Distribution Grid Company of Urals’ Ba1 rating implicitly benefits from government support because the company is a part of the state-owned PAOPublic Joint-Stock Company Rosseti group. Moody’s analysts expect the state to step in with extraordinary support to avoid a payment default by the company if necessary. Such support is driven by the company’s strategic role for the economy of the region.

The Agency will upgrade the rating and related outlook if there is a clear evidence that the regulatory regime for the sector is evolving in the positive direction, providing for robust and predictable long-term recovery of costs and investments; the company maintains moderate leverage and solid liquidity; Russia’s sovereign bond rating is upgraded.

On April 16, 2018 Russian rating agency RAEX (Expert RA) has assigned rrAA national-scale credit rating (Outlook — Stable) to OAOOpen Joint-Stock Company IDGCInterregional Distribution Grid Company of Urals. The rating is positively influenced by the Company’s monopolistic market position, its vital role as an UES of Russia infrastructure element and stable ownership structure. Expert RA highly appreciates OAOOpen Joint-Stock Company IDGCInterregional Distribution Grid Company of Urals’ profitability, comfortable debt service structure, forecast liquidity level and low debt burden. The agency highly appreciates the quality of corporate governance and information transparency of the Company as well.