The RAEX (Expert RA) had confirmed the credit reliability rating of the bonds issued by OOO VIS Development at a high ruAA level. Bonds in the amount of 2.3 billion rubles were issued by the company in December 2017 in order to refinance the funds engaged in the implementation of the public-private partnership project in the Yamalo-Nenets Autonomous District.
OOO VIS Development is the private partner in the PPP project that involves the construction of 6 children’s educational institutions in several Yamal cities. The investment stage of the project has been completed, all PPP projects are functioning fully. The public partner is the YNAD government, which was slated to settle the payments for all facilities in the first half of the next year. By the sides’ mutual agreement, all payments were moved to October 2018. Thus, the district has fulfilled all of its obligations ahead of schedule, ensuring the retrenchment of budgetary funds.
All in all, two bonded loans were issued by VIS Group for a total amount of 4 billion rubles as part of this project. The holding was one of the first in Russia to issue bonds in the framework of a non-concession PPP project.