Training on Forecasting, April 7–8

ACRA assigns AA(RU) to RU000A101DD0 bond issued by JSC Russian Agricultural Bank

Credit rating rationale. The issue represents senior unsecured debt of JSC Russian Agricultural Bank (hereinafter, Russian Agricultural Bank, or the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Bank. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of Russian Agricultural Bank, i.e. AA(RU).

The credit rating of the Bank is based on its high systemic importance for the Russian economy and a very strong state influence on the Bank. However, the Bank is characterized by moderately low standalone creditworthiness assessment (SCA). The Bank’s SCA reflects low capital adequacy and risk profile assessments, as well as sufficiently high business profile assessment and adequate liquidity and funding.

Key issue properties

Borrower

JSC Russian Agricultural Bank

Issuer’s credit rating

AА(RU), outlook Stable

Actual issuer

JSC Russian Agricultural Bank

Type of security

Uncertified non-convertible exchange-traded
interest-bearing bond,
B
О-02R-P series

Issue volume

RUB 5 bln

ISIN

RU000A101DD0

Final placement date

March 6, 2020

Maturity date

January 25, 2023

Regulatory disclosure

The credit rating has been assigned 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 the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

The credit rating has been assigned to the BО-02R-P series bond (RU000A101DD0) of JSC Russian Agricultural Bank for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

The assigned credit rating is based on data provided by JSC Russian Agricultural Bank, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and JSC Russian Agricultural Bank participated in its assignment.

No discrepancies between the provided data and the data officially disclosed by JSC Russian Agricultural Bank in its financial statements have been discovered.

ACRA provided additional services to JSC Russian Agricultural Bank. No conflicts of interest were discovered in the course of credit rating assignment.

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