ACRA assigns AA(RU) to RU000A101U38 bond issued by Promsvyazbank PJSC

Credit rating rationale. The issue represents senior unsecured debt of Promsvyazbank PJSC (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 ACRA's 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 moderately strong business profile, adequate capital adequacy, critical risk profile and adequate position in funding and liquidity. In ACRA's opinion, in the event of a systemic economic stress scenario and/or significant deterioration in the Bank's standalone creditworthiness, the state will provide it with sufficient extraordinary support in the form of capital and/or liquidity to meet creditors' claims.

Key issue properties

Issuer

Promsvyazbank PJSC

Issuer’s credit rating

AA(RU), outlook Stable

Actual issuer

Promsvyazbank PJSC

Type of security

Exchange-traded interest-bearing non-convertible uncertified bond subject to centralized title registration, 003P-01 series

Issue volume

RUB 10 bln

ISIN

RU000A101U38

Start of placement

June 25, 2020

Maturity date

June 23, 2022

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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating has been assigned to RU000A101U38 bond issued by Promsvyazbank PJSC for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

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

No material discrepancies between the provided information and the data officially disclosed by Promsvyazbank PJSC in its financial statements have been discovered.

ACRA provided additional services to Promsvyazbank PJSC. No conflicts of interest were discovered in the course of the credit rating assignment.

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