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ALROSA

April 16, 2003

ALROSA Finance S. A. proposed $300 million bond issue assigned "B" rating by S&P

Standard & Poor’s Rating Services (S&P) assigned its ‘B’ rating to the proposed $300 million bond issue by ALROSA Finance S.A., guaranteed by ALROSA Co. Ltd.

The bond rating mirrors the ‘B’ (Outlook stable) long-term issuer credit rating on ALROSA, constrained to a degree by some factors.

S & P points out that ALROSA has a challenging capital expenditure program, however its access to long-term finance has been limited by country factors and industry regulations. S & P does not expect the government of the Russian Federation, a 37% shareholder in ALROSA, necessarily to provide timely support if a situation of financial stress were to occur at the company. The positive factors for ALROSA rating include ongoing lucrative export sales to De Beers, a solid position in the relatively stable diamond industry, and rich reserves.

According to Elena Anankina, S&P credit analyst, Standard and Poor’s expects that the proceeds from the bond issue will be used to replace ALROSA’s existing short-term debt of $559 million, or 53% of the company’s total debt as of February 1, 2003. It will significantly improve the company’s debt maturity profile and provide long-term financing to support the company’s investments.

 

 

 

 

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