Training on banks and NBCOs, January 30–31

ACRA assigns eA+(RU) to P01-BO-1 bond to be issued by LLC “STLC-1520”

Expected credit rating rationale. LLC “STLC-1520” (hereinafter, STLC-1520, or the Issuer), a subsidiary of PJSC “STLC” (hereinafter, STLC, the Company, or the Guarantor), plans to issue bonds. The issue represents senior unsecured debt of STLC-1520. The expected credit rating has been assigned based on the issue documentation that includes an irrevocable offer obliging the Guarantor to be liable for the Issuer’s failure to perform and/or Issuer’s improper performance of its repayment commitments to the bondholders with respect to the principal and coupon amounts.

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 Company in terms of priority. According to the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale for the Russian Federation, the senior unsecured debt repayment level corresponds to second category; therefore, the expected credit rating of the issue is equivalent to the credit rating of STLC, i.e. A+(RU), and is determined at eA+(RU).

The credit rating of STLC is based on a high likelihood of extraordinary support by state authorities. The standalone creditworthiness assessment (SCA) of the Company is satisfactory. Compared to other RF-based issuers, the Company’s creditworthiness is assessed as high.

Key issue properties

Issuer

LLC “STLC-1520”

Issuer’s credit rating

None

Guarantor

PJSC “STLC”

Guarantor’s credit rating

А+(RU), outlook Stable

Type of security

Certified exchange-traded interest-bearing amortized unregistered bond,
P01-BO-01 series

Reg S

4B02-01-00443-R-001P

Issue volume

RUB 43.4 bln

Maturities

From 91 to 3,640 days

Amortization and coupon payments start date

91st day after placement

Coupon period

91 days

Regulatory disclosure

ACRA will assign a credit rating to series P01-BO-01 bond of LLC “STLC-1520” after the final documentation is presented. 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 P01-BO-01 bond of LLC “STLC-1520” 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 for 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 P01-BO-01 bond of LLC “STLC-1520” for the first time. ACRA will assign the final credit rating within 90 days after the publication of this press release.

The expected credit rating is based on the data provided by PJSC “STLC”, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and PJSC “STLC” participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by PJSC “STLC” and LLC “STLC-1520” in their financial statements have been discovered.

ACRA provided no additional services to PJSC “STLC” and LLC “STLC-1520”. No conflicts of interest were discovered in the course of expected credit rating assignment.

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