Training on Forecasting September 17–18

ACRA assigns eAA-(RU) to BO-P05 series bond issued by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company)

Credit rating rationale. The issue represents senior unsecured debt of «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) (hereinafter, the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Bank in terms of priority. According to the ACRA methodology, the credit rating of the issue is equivalent to that of the Bank, i.e. AA-(RU).

The credit rating of the Bank is based on its high systemic importance for the Russian economy and very high degree of state influence. The Bank's standalone creditworthiness is moderately high, which is due to the moderately strong business profile, adequate capital adequacy, weak risk profile and adequate funding and liquidity positions of the Bank.

Key issue properties

Issuer

«Bank Otkritie Financial Corporation»
(Public Joint-Stock Company)

Issuer’s credit rating

AA-(RU), outlook Stable

Actual issuer

«Bank Otkritie Financial Corporation»
(Public Joint-Stock Company)

Type of security

Certified exchange-traded
interest-bearing unregistered bond,
BO-P05 series

Issue volume

RUB 10 bln

Expected order book start date

1st half of July 2019

Expected time to maturity

1,092 days

Regulatory disclosure

ACRA will assign a credit rating to series BO-P05 bond after the final documentation is presented by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company). In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue credit rating against the expected credit rating.

The expected credit rating has been assigned to series BO-P05 bond under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale of the Russian Federation, and the Key Concepts Used by Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The expected credit rating has been assigned to series BO-P05 bond issued by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) for the first time. ACRA expects to assign the final credit rating within 90 days following the publication date of this press release.

The expected credit rating is based on the data provided by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company), information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) in its financial statements have been discovered.

ACRA provided additional services to «Bank Otkritie Financial Corporation» (Public Joint-Stock Company). No conflicts of interest were discovered in the course of the expected credit rating assignment.

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