OREANDA-NEWS. RusRating has lowered the credit rating assigned to ZAO Stroitemp’s 01 bond series from "CC" to “C” on the national scale (bankruptcy/default level) and subsequently cancelled the rating.

The rating cut followed a technical default on coupon payments scheduled for 18 November 2015.

The interest-bearing, documentary, non-convertible series 01 bonds (reg. no. 4-01-80031-N) have a total nominal value of R5bn and are scheduled for redemption on 13 November 2019 (a maturity of 1820 days). The coupon period is 182 days, with interest payments set at 9% per annum. The issue was organised by Troika-D Bank.

ZAO Stroitemp is a private-sector Russian company set up on 10 May 2006. In late 2014 ownership passed to a major Russian financial-industrial group that has since ceased operations. The group centred on Bank Rossiiski Kredit, whose banking license was withdrawn on 24 July 2015.

The funds generated by the issue were earmarked for modernisation of the OEU Block No. 2 Anzherskaya-Yuzhnaya coal mine in Kemerovo region.