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Moody's Assigns First-Time Rating of Ba1 to Kamaz OAO-Interfax


Wednesday, 25 Sep 2013 09:14am EDT 

Interfax reported that Moody's Investors Service (Moody's) has assigned a Ba1 corporate family rating (CFR) and a Ba1-PD probability of default rating to Kamaz OAO (Kamaz), the agency said in a press release. The outlook on the ratings is stable. This is the first time Moody's has assigned a rating to KAMAZ. As Kamaz is 49.9% owned by the Russian state-owned corporation RosTec, Moody's has applied its rating methodology for government-related issuers (GRIs) in determining the Company's CFR. According to this methodology, Kamaz's rating is driven by a combination: Kamaz's baseline credit assessment (BCA) of b1; the Baa1 local currency rating of the Russian government; Moody's assessment of high default dependence between the Company and the government. 

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