Training on sovereign risk credit analysis, October 24

Announcement of changes to the published rating press release in 2017

November 23, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to bond issued by PJSC Rostelecom (https://www.acra-ratings.com/press-releases/469; https://www.acra-ratings.com/about/news/313).

Changes made

Title

Previous edit

ACRA assigns AA(RU) to RU000А0ZY652 bond issued by PJSC Rostelecom

New edit

ACRA assigns AA(RU) to RU000А0ZYG52 bond issued by PJSC Rostelecom

Key issue properties (row 6)

Previous edit

ISIN

RU000А0ZY652

 

New edit

ISIN

RU000А0ZYG52

 

October 24, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to PJSC RusHydro and to Euro bond issued by PJSC RusHydro (https://www.acra-ratings.com/press-releases/390; https://www.acra-ratings.com/about/news/258).

Changes made

Key rating assessment factors (second to last paragraph)

Previous edit

Moderate leverage and strong debt service capability. At the end of 2016, the average leverage (calculated as the ratio of total debt to FFO before net interest payments for the period 2015-2019, including estimations) was 2.5x. ACRA positively notes that, in 1H2017, the leverage decreased to 2.3x, which is a result of a partial refinancing of the debt of the RAO UES of the East, with RUB 55 billion received from the forward transaction with VTB Bank. ACRA also assesses RusHydro's coverage as strong. At the end of 1H2017, the interest payments coverage (calculated as the ratio of FFO before net interest payments to interest payments) was 5.4x.

New edit

Moderate leverage and strong debt service capability. At the end of 2016, the average leverage (calculated as the ratio of total debt to FFO before net interest payments for the period 2015-2019, including estimations) was 2.5x. ACRA positively notes that, in 1H2017, the leverage decreased to 2.3x, which is a result of a partial refinancing of the debt of RAO ES of East, with RUB 55 billion received from the forward transaction with VTB Bank. ACRA also assesses RusHydro's coverage as strong. At the end of 1H2017, the interest payments coverage (calculated as the ratio of FFO before net interest payments to interest payments) was 5.4x.

A new paragraph was added in the Regulatory disclosure section as follows:

Disclosure of deviations from approved methodologies: the industry profile factor was assessed with a deviation from the assessment range specified in the methodology.

October 3, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to RU000A0ZYBM4 bond issued by JSC “ALFA-BANK” (https://www.acra-ratings.com/press-releases/385, https://www.acra-ratings.com/about/news/255).

Changes made

Last paragraph of the Section “Regulatory Disclosure”

Previous edit

ACRA provided no additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

New edit

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

 

October 3, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to XS1648266788 LPN issued by JSC “ALFA-BANK” (https://www.acra-ratings.com/press-releases/293, https://www.acra-ratings.com/about/news/198).

Changes made

Last paragraph of the Section “Regulatory Disclosure”

Previous edit

ACRA provided no additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

New edit

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

October 3, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to RU000A0JXRV7 bond issued by JSC “ALFA-BANK” (https://www.acra-ratings.com/press-releases/227, https://www.acra-ratings.com/about/news/144).

Changes made

Last paragraph of the Section “Regulatory Disclosure”

Previous edit

ACRA provided no additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

New edit

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

October 3, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to XS1567117566 LPN issued by JSC “ALFA-BANK” (https://www.acra-ratings.com/press-releases/173, https://www.acra-ratings.com/about/news/102).

Changes made

Last paragraph of the Section “Regulatory Disclosure”

Previous edit

ACRA provided no additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

New edit

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

October 3, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to RU000A0JX5W4 bond issued by JSC “ALFA-BANK” (https://www.acra-ratings.com/press-releases/161, https://www.acra-ratings.com/about/news/93).

Changes made

Last paragraph of the Section “Regulatory Disclosure”

Previous edit

ACRA provided no additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

New edit

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

September 27, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to RSG International Ltd, a holding company of KORTROS Group (https://www.acra-ratings.com/press-releases/301, https://www.acra-ratings.com/about/news/206).

Changes made

Second paragraph of the press release

Previous edit

KORTROS is a residential real estate developer with a wide geography of presence, including eight regions, and a high project diversification in terms of format: ‘comfort class’ residential projects — 80%, ‘business class’ projects — 16%, and ‘elite class’ projects — 4%. The Company was established in 2005 to implement the Akademichesky project, a large-scale development project (10 million sq. m) in Yekaterinburg by 2048. In 2016, the Company was ranked 13th in terms of residential areas commissioned among the Russian developers. The total project portfolio of the Company comprises over 9 million sq. m. KORTROS is a part of the Renova group, whose share in the Company is 75% minus 1 share; 25% plus one share in the Company are owned by the top managers Veniamin Golubitsky and Viktor Maslakov.

New edit

KORTROS is a residential real estate developer with a wide geography of presence, including eight regions, and a high project diversification in terms of format: ‘comfort class’ residential projects — 80%, ‘business class’ projects — 16%, and ‘elite class’ projects — 4%. The Company was established in 2005 to implement the Akademichesky project, a large-scale development project (10 million sq. m) in Yekaterinburg by 2048. In 2016, the Company was ranked 13th in terms of residential areas commissioned among the Russian developers. The total project portfolio of the Company comprises over 9 million sq. m. KORTROS is a part of the Renova group, whose share in the Company is 75% minus 1 share; 25% plus one share in the Company are owned by top management.

August 10, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to bond issue of the Tambov Region (https://www.acra-ratings.com/press-releases/275, https://www.acra-ratings.com/about/news/189).

Changes made

Section “Key issue properties” table column “Redemption schedule“

Previous edit

October 12, 2024 — 25% of nominal value

New edit

July 12, 2024 — 25% of nominal value

August 4, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to PJSC “STLC” (https://www.acra-ratings.com/press-releases/263, https://www.acra-ratings.com/about/news/177).

Please also be informed that no deviations from methodologies when assigning the credit rating to PJSC “STLC” have been identified.

Changes made

The second paragraph in the Section “Regulatory Disclosure” of the press release was deleted as follows:

Disclosure of deviations from approved methodologies. To account for market risk in the rating model, ACRA has conducted a stress testing, the results of which, according to the Agency, more correctly reflect the scope of potential securities portfolio losses.

August 4, 2017

ACRA (JSC) announces changes to the previously published press release on assigning the credit rating to “TransFin-M” PC (https://www.acra-ratings.com/press-releases/311, https://www.acra-ratings.com/about/news/210).

Please also be informed that no deviations from methodologies when assigning the credit rating to “TransFin-M” PC have been identified.

Changes made

The second paragraph in the Section “Regulatory Disclosure” of the press release was deleted as follows:

Disclosure of deviations from approved methodologies. To account for market risk in the rating model, ACRA has conducted a stress testing, the results of which, according to the Agency, more correctly reflect the scope of potential securities portfolio losses.

June 29, 2017

ACRA (JSC) announces changes to the previously published press release on upgrading the credit ratings of the Samara Region and its bond issue (https://www.acra-ratings.com/press-releases/262, https://www.acra-ratings.com/about/news/176).

Changes made

Section “Regulatory Disclosure” (second and third paragraphs)

Previous edit

The issuer credit rating was first assigned to the Samara Region on December 27, 2016. The issuer credit rating and outlook were revised on June 28, 2017. The issuer credit rating and outlook are expected to be next revised within 182 days of the last rating action in accordance with the 2017 Calendar of Planned Sovereign Rating Revisions and Publications.

The issue credit rating was first assigned to bonds (RegS RU35013SAM0, ISIN RU000A0JXT41) issued by the Samara Region on June 5, 2017. The credit rating was revised on June 28, 2017. The rating is expected to be revised within 182 days of the rating action in accordance with the 2017 Calendar of Planned Sovereign Rating Revisions and Publications.

New edit

The issuer credit rating was first assigned to the Samara Region on December 27, 2016. The issuer credit rating and outlook were revised on June 27, 2017. The issuer credit rating and outlook are expected to be next revised within 182 days of the last rating action in accordance with the 2017 Calendar of Planned Sovereign Rating Revisions and Publications.

The issue credit rating was first assigned to bonds (RegS RU35013SAM0, ISIN RU000A0JXT41) issued by the Samara Region on June 5, 2017. The credit rating was revised on June 27, 2017. The rating is expected to be revised within 182 days of the rating action in accordance with the 2017 Calendar of Planned Sovereign Rating Revisions and Publications.

June 23, 2017

ACRA (JSC) announces changes to the previously published press release on affirming credit ratings of the Kaliningrad Region and its bond issue (https://www.acra-ratings.com/press-releases/252, https://www.acra-ratings.com/about/news/165).

Changes made

Section “Heading”

Previous edit

ACRA affirms credit rating of the Kaliningrad Region at BBB-(RU), outlook Stable and affirms bond issue credit rating of the Kaliningrad Region (RU34001KLN0) at BBB-(RU)

New edit

ACRA affirms credit rating of the Kaliningrad Region at BBB-(RU), outlook Stable and affirms bond issue credit rating

After the first paragraph, a new paragraph was added as follows:

The credit rating of bond issue of the Kaliningrad Region (RU34001KLN0) has been affirmed and is equivalent to the credit rating of the Kaliningrad Region.

April 24, 2017

ACRA (JSC) announces changes to the previously published press release on assigning a credit rating to Certified exchange-traded interest-bearing unregistered bond by Bank GPB (JSC), BO-16 Series (RU000A0JXP45), (https://www.acra-ratings.com/press-releases/202, https://www.acra-ratings.com/about/news/125).

Changes made

Section “Regulatory Disclosure”

Previous edit

ACRA provided no additional services to Bank GPB (JSC).

New edit

ACRA provided an additional service to Bank GPB (JSC) in the form of informational support of a number of employees (a practical seminar).

January 17, 2017

ACRA (JSC) announces changes to the previously published press release on assigning a credit rating to JSC “AHML” (https://www.acra-ratings.com/press-releases/150, https://www.acra-ratings.com/about/news/85)

Changes made

Section “Regulatory Disclosure”

Previous edit

The credit rating has been assigned under the national scale for the Russian Federation and is based on the Methodology for Analyzing Relationships Between Rated Entities and the State, and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

New edit

The credit rating has been assigned under the national scale for the Russian Federation and is based on the Methodology for Analyzing Relationships Between Rated Entities and the State, and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities. Certain SCA factors were determined with the partial use of the Methodology for Credit Ratings Assignment to Banks and Bank Groups Under the National Scale for the Russian Federation.

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