ACRA assigns AA(RU) to RU000A1035Y6 bond issued by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company)

Credit rating rationale. The issue represents senior unsecured debt of «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) (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 high systemic importance for the Russian economy and a very high state influence. The Bank’s standalone creditworthiness is based on its strong business profile, adequate capital adequacy, satisfactory risk profile, and adequate funding and liquidity position.

Key issue properties

Issuer

«Bank Otkritie Financial Corporation»
(Public Joint-Stock Company)

Issuer’s credit rating

AA(RU), outlook Stable

Actual issuer

«Bank Otkritie Financial Corporation»
(Public Joint-Stock Company)

Type of security

Uncertificated non-convertible exchange-traded interest-bearing bond subject to centralized title registration, BO-P08 series

Type of debt

Senior unsecured

ISIN

RU000A1035Y6

Planned issue volume

RUB 10 bln

Placement date

June 10, 2021

Maturity date

June 4, 2026

Date of offer

June 14, 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 BO-P08 series (ISIN RU000A1035Y6) bond issued by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) 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 data provided by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company), information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) 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 additional services to «Bank Otkritie Financial Corporation» (Public Joint-Stock Company). No conflicts of interest were discovered in the course of the credit rating assignment.

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