ACRA assigns AAA(RU) to RU000A102CU4 bond issued by Sberbank

Credit rating rationale. The issue represents senior unsecured debt of Sberbank (hereinafter, the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as as pari passu with 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. AAA(RU).

The Bank’s credit rating is based on its very high systemic importance for the Russian economy and a high degree of state influence, as defined by ACRA’s methodology. The Bank’s standalone creditworthiness is very high compared to other Russian credit institutions, which is supported by its exceptional market positions, strong capital adequacy, and adequate risk and liquidity and funding profiles.

Key issue properties

Issuer

Sberbank

Issuer’s credit rating

AAА(RU), outlook Stable

Actual issuer

Sberbank

Type of security

Uncertified non-convertible exchange-traded interest-bearing bonds subject to mandatory centralized custody,
001Р-SBER19 series

Type of debt

Senior unsecured

Issue volume

RUB 18 bln

RegS

4B02-370-01481-B-001P from November 11, 2020

ISIN

RU000A102CU4

Placement date

November 20, 2020

Maturity date

November 17, 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 on the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the 001Р-SBER19 series bonds of Sberbank 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 was assigned based on the data provided by Sberbank, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Sberbank participated in its assignment.

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

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

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