Techdepot AFK does not mean credit problems in the company, says expert

© RIA Novosti / Ramil to Setdiscoverable in fotobounce company AFK Sistema. Archival photoTechdepot AFK does not mean credit problems in the company, says expert© RIA Novosti / Ramil to Setdiscoverable the image Bank

Techdepot AFK — formal technical thing that will not provoke demands for early repayment of loans and does not indicate problems with loan servicing company, the market reaction will be muted, said Konstantin Belov from FK «URALSIB».

«After the arrest of some assets, apparently, there has been a violation of covenants in loan agreements, which was classified as a case of technical default. In fact, the loan servicing is OK, the payments are not delayed. «System» says it will pay properly. Requirements early repayment of loans in connection with tenderton AFC does not expect,» he says.

Shares of AFC was decreased to a minimum from end of June — more than 3%. To 12.13 GMT AFC paper became cheaper by 1.9%. A stronger reaction of the market is not yet expected, says Belov from FK «URALSIB».

Earlier on Monday, AFK Sistema reported the occurrence of a technical default on credit obligations in the amount of 3.9 billion rubles due to the seizure of assets in a dispute with «Rosneft» «Bashneft».

AFK «System» till the end of 2014 owned controlling stake of «Bashneft». «Rosneft», «Bashneft» and Bashkiria in the court demanding to recover from the AFC and her «daughter» is 170.6 billion rubles in favor of «Bashneft». The plaintiffs believe that the damage occurred taking into account the weakening of the ruble «System» caused Bashneft’s reorganization. «The system» for its part, has repeatedly stated the groundlessness of the claims and willingness to defend its position in court.

The court on 23 June adopted an interim measure on the claim of «Rosneft» to «System», owned by AFK arresting 31,76% of MTS shares, 100% shares of the group and 90,47% stake in BESK. The carrying value of assets was estimated by the plaintiffs to 185 billion rubles.

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