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Moody's withdraws Sistema-Hals' ratings

July 9, 2009 "Moody’s"
London, 09 July 2009 -- Moody's Investors Service has today withdrawn the
B3 corporate family and probability of default ratings and Baa3.ru NSR of
Sistema-Hals. The company does not have any outstanding debt rated by
Moody's. Moody's has withdrawn Sistema-Hals' ratings for business reasons.
Please refer to Moody's Withdrawal Policy, "Moody's Guidelines for the
Withdrawal of Ratings", available on www.moodys.com.

The last rating action on Sistema-Hals was on 22 December 2008, when Moody's
downgraded the corporate family rating and NSR of Sistema-Hals to
B3 from B1 and to Baa3.ru from A1.ru. This action was prompted by continuing
concerns arising from the substantial weakening of the company's operating
performance and liquidity profile developing on the background of the
rapidly deteriorating conditions in the Russian real estate sector. The
ratings remained on review for possible downgrade subject to a resolution of
the review for downgrade of Sistema-Hals'
parent Sistema Joint Stock Financial Corporation ("Sistema", B1, negative).
The review on Sistema was concluded on 21 April 2009, resulting in the Ba3
corporate family and probability of default ratings of Sistema JSFC
("Sistema" or the "Company") being downgraded to B1, and the senior
unsecured rating to B2. The outlook on Sistema's ratings is negative.

The principal methodologies used in rating Sistema-Hals are the
methodologies for homebuilders and global construction which can be found at
www.moodys.com in the Credit Policy & Methodologies directory, in the Rating
Methodology subdirectory. Other methodologies and factors that may have been
considered in the process can also be found in the Credit Policy &
Methodologies directory.

Sistema-Hals, headquartered in Moscow, Russia, is a property developer with
operations primarily in Moscow and the Moscow region, and presence in six
regions in Russia as well as Yalta and Kiev in Ukraine. In the beginning of
2009 Sistema, a 71.1% owner of the company at that time, reached an
agreement with Vneshtorgbank (VTB, Baa1, stable) on the sale of a
controlling stake in the entity; which is in process subject to regulatory
approval. During fiscal year 2008, Sistema-Hals reported revenue of US$362
million and EBITDAR of US$38.4 million.
Company — Hals-Development
  • Full name
    PJSC Hals-Development
  • Registration country
    Russia
  • Industry
    Construction and development