ACRA assigns eBBB+(RU) to BO-P02 series bond to be issued by JSC MaximaTelecom, status “Rating under revision: negative”

Expected credit rating rationale. The issue represents senior unsecured debt of JSC MaximaTelecom (hereinafter, the Company). 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 ACRA’s methodology, the expected credit rating of the issue is equivalent to that of the Company, i.e. BBB+(RU), and is set at eBBB+(RU). The credit rating of the Company has been assigned the status “Rating under revision: negative”. The expected rating of the issue is also assigned the status “Rating under revision: negative”.

The Company’s credit rating is based on its high leverage, medium cash flow and medium liquidity assessments. The rating is supported by the Company’s strong business profile, high profitability and footprint covering well-developed regions.

According to ACRA estimates, the issue will not affect the Company’s leverage and coverage indicators, since the Company plans to use proceeds from the issue to refinance its current debt.

The Company focuses on digitalization projects for urban infrastructure, mainly in the transport segment. The Company’s largest projects include the installation and operation of a Wi-Fi network in the Moscow metro. The Company benefits from both its own and partner Wi-Fi networks by selling ads displayed to users. The Company’s main owners are a group of investors headed by Sergey Aslanyan.

Key issue properties


JSC MaximaTelecom

Issuer’s credit rating

BBB+(RU), status “Rating under revision: negative”

Actual issuer

JSC MaximaTelecom

Type of security

Exchange-traded interest-bearing uncertified
non-convertible bond subject
to centralized title registration,
BO-P02 series

Issue volume

Up to RUB 2.5 bln

Preliminary date of placement

November 2020

Expected time to maturity

3-3,5 years

Regulatory disclosure

ACRA will assign a credit rating to BO-P02 series bond after the final documentation is presented by JSC MaximaTelecom. 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 BO-P02 series bond of JSC MaximaTelecom 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 BO-P02 series bond of JSC MaximaTelecom for the first time. ACRA will 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 JSC MaximaTelecom, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and JSC MaximaTelecom participated in its assignment.

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

ACRA provided no additional services to JSC MaximaTelecom. No conflicts of interest were discovered in the course of the expected credit rating assignment.

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