The economist spoke about the possible consequences of tandefelt Sistema

© RIA Novosti / Ramil to Setdiscoverable in fotobounce company AFK Sistema. Archival photoThe economist spoke about the possible consequences of tandefelt Sistema© RIA Novosti / Ramil to Setdiscoverable the image Bank

Technical default of AFK «Sistema» is not created insurmountable problems with the performance of its obligations, says analyst «Discovery Broker» Andrei Kochetkov.

To 10.32 MSK shares of AFK «Sistema» has decreased on 0,22% — to 11.28 of the ruble. The MICEX index fell by 0.56%, from the data of the Moscow exchange.

Current difficulties

Current difficulties Sistema service its debt is largely related to the seizure of property under the claim «Rosneft» indicates Kochetkov.

AFK «System» on August 28 reported a technical default on credit obligations in an amount equivalent to 8.9 billion rubles. The default is a mere formality — the Corporation will maintain its credit obligations in full.

The occurrence of a technical default due to the ongoing arrest by the Arbitration court of Bashkiria owned by AFC and JSC «Sistema-invest» 31,76% of MTS shares, 100% shares of the group and 90,47% stake in BESK. In July, the company has already reported the occurrence of a technical default on credit obligations 3.9 billion.

Earlier, on July 17, shares of AFK «Sistema» fell significantly after reports of a technical default on loans because of the seizure of assets in a dispute with «Rosneft» «Bashneft». Then AFK «System» has reported about the occurrence of a technical default on credit obligations in the amount of 3.9 billion rubles. Then she also said that a default is a mere formality and the Corporation will service their loan obligations in full.

Overcoming challenges

It is unlikely that the creditors demand immediate repayment of the loan obligations of the company, as this will impede the return of the given means, says Kochetkov.

«At AFK «System» sufficient liquid assets, including those arrested to continue to service its debt and provide payment under the claim «Rosneft». Another thing is that such events will inevitably result in a decrease in debt ratings of the company and will complicate the possibility of new loans,» — he added.

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