ACRA assigns eAA+(RU) to series 001P-08 bond to be issued by Joint Stock Company «Federal Passenger Company»

Expected credit rating rationale. The issue represents senior unsecured debt of Joint Stock Company «Federal Passenger Company» (hereinafter, FPC, or 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 credit rating of the issue is equivalent to that of FPC, i.e. eAA+(RU).

The credit rating of FPC is AA+(RU) (parity with the Russian Federation minus one notch) based on FPC’s high systemic importance, as well as its strategic and social role in the Russian economy, and considerable support for the Company from both its sole shareholder Joint Stock Company “Russian Railways” (AAA(RU), outlook Stable) and the state.

Key issue properties

Borrower

Joint Stock Company «Federal Passenger Company»

Issuer’s credit rating

AA+(RU), outlook Stable

Actual issuer

Joint Stock Company «Federal Passenger Company»

Type of security

Uncertificated non-convertible exchange-traded interest-bearing bond subject to centralized title registration, series 001P-08

Issue volume

RUB 5 bln

Placement start date

-

Time to maturity

4 years

Regulatory disclosure

ACRA will assign a credit rating to the series 001P-08 bond after the final documentation is presented by Joint Stock Company «Federal Passenger Company». In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue’s credit rating against the expected credit rating.

The expected credit rating has been assigned to the series 001P-08 bond to be issued by Joint Stock Company «Federal Passenger Company» 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 of the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

An expected credit rating has been assigned to the series 001P-08 bond to be issued by Joint Stock Company «Federal Passenger Company» for the first time. The next rating action is expected within 180 days following the publication date of this press release.

The expected credit rating was assigned based on data provided by Joint Stock Company «Federal Passenger Company», information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and Joint Stock Company «Federal Passenger Company» participated in its assignment.

In assigning the expected 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 Joint Stock Company «Federal Passenger Company». No conflicts of interest were discovered in the course of the expected credit rating assignment.

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