Russian Outdoor Group

Russian Outdoor Group
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PARIS (Standard & Poor's) July 26, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'B-' long-term corporate credit ratings to Russian outdoor advertising group Gallery Media Holding Ltd. BVI (Gallery) and its subsidiary Gallery Services LLC. The outlook is stable.

We have also assigned an issue rating of 'B-' to the $100.3 million senior secured notes due 2015 issued by special purpose vehicle European Media Capital S.A.

At the same time, we assigned a recovery rating of '3' and an issue rating of 'B-' to the underlying proceeds loan borrowed by Gallery Services LLC (B-/Stable/--). A recovery rating of '3' indicates our expectation of meaningful recovery (50%-70%) in the event of a payment default.

The rating on Gallery primarily reflects the group's financial risk profile, which we view as "highly leveraged," essentially owing to our opinion of limited financial resources and flexibility when considering the group's exposure to cyclical advertising revenues in Russia and Ukraine and to significant contract renewal risks over the next two years. An additional negative factor for Gallery's business risk profile, which we view as "weak," is our opinion that the regulatory and contract-awarding environment for outdoor advertising remains relatively unpredictable and nontransparent in both countries, despite some recent improvements in Russia. Furthermore, the group has high revenue and earnings concentration in Russia, particularly in Moscow.

Positive factors for the rating and the business risk profile are Gallery's position as the second-largest outdoor player in Russia and Ukraine, its sound profitability, and its low maintenance capital requirements, despite a relatively high fixed cost base. Also on the positive side, we believe that Gallery benefits from adequate liquidity and relatively moderate leverage following its capital restructuring.

The stable outlook reflects Standard & Poor's expectation that Gallery Media will continue to improve its revenues and EBITDA over the medium term, as well as protect its liquidity position by maintaining positive free cash flow generation over the period. In particular, we expect the group to successfully renew all of its major contracts and maintain or increase its market share in the growing Russian outdoor market over the next two years without any material adverse impact on its profitability levels. The stable outlook also incorporates our expectations that Gallery will not significantly increase debt levels and/or make substantial shareholder distributions over the medium term.

We could raise the ratings if the group was to post significant revenue and EBITDA growth in the medium term, and if it demonstrates its ability to successfully renew a large part of its existing contracts over the period. In addition, any potential upgrade would also reflect improved liquidity, such as through continuously growing cash balances thanks to sound positive free operating cash flow generation.

We could lower the ratings, however, if the group's revenues and EBITDA were to materially deteriorate, resulting in weaker liquidity, such as available cash balances of under $30 million and negative free cash flow generation. We could also lower the ratings if the group was to materially increase financial debt for acquisitions and/or shareholder distribution purposes.

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