ACRA assigns A-(RU) to series 001P-02 (RU000A102Y58) bond issued by “Brusnika. Stroitelstvo i development” LLC

Credit rating rationale. The issue represents senior unsecured debt of “Brusnika. Stroitelstvo i development” LLC (hereinafter, the Company). 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 Company in terms of priority. According to ACRA’s methodology, the reimbursement rate for the Issuer’s unsecured debt qualifies for Category I. Therefore, the bond issue is rated A-(RU), i.e. on par with the Company.

The Company’s credit rating is based on its strong business profile, very strong geographic diversification, very high profitability, very low leverage, very high coverage, and strong liquidity. Medium market position and company size assessments as well as below medium cash flow assessment are holding back the Company’s rating.

Key issue properties

Issuer

“Brusnika. Stroitelstvo i development” LLC

Issuer’s credit rating

A-(RU), outlook Stable

Actual issuer

“Brusnika. Stroitelstvo i development” LLC

Type of security

Uncertified exchange-traded interest-bearing non-convertible bond subject to centralized title registration, 001P-02 series

Issue volume

RUB 6 bln

ISIN / RegS

RU000A102Y58 / 4B02-02-00492-R-001P

Placement start date

April 5, 2021

Maturity date

April 1, 2024

Regulatory disclosure

The credit rating has been assigned to the series 001P-02 (RU000A102Y58) bond issued by “Brusnika. Stroitelstvo i development” LLC 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.

The credit rating has been assigned to the series 001P-02 (RU000A102Y58) bond issued by “Brusnika. Stroitelstvo i development” LLC 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 “Brusnika. Stroitelstvo i development” LLC, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and “Brusnika. Stroitelstvo i development” LLC participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which was, in ACRA's opinion, appropriate and sufficient to apply the methodologies.

ACRA provided no additional services to “Brusnika. Stroitelstvo i development” LLC. No conflicts of interest were discovered in the course of credit rating assignment.

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