ACRA Trainings on Credit Analysis

ACRA assigns A(RU) to RU000A0ZYJR6 bond issued by PJSC Sovcombank

Credit rating rationale. BO-05 series issue represents senior unsecured debt of PJSC Sovcombank (the Bank). 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 Bank. According to the ACRA methodology, the credit rating of the issue is equivalent to that of the Bank, i.e. A(RU).

The credit rating of the Bank is based on its stable franchise, adequately diversified business model, strong capital adequacy assessment, comfortable liquidity position, and satisfactory risk profile assessment.

Key issue properties

Issuer

PJSC Sovcombank

Issuer’s credit rating

A(RU), outlook Stable

Actual issuer

PJSC Sovcombank

Type of security

Certified exchange-traded interest-bearing  non-convertible unregistered bond,
BO-05 series

Issue volume

RUB 10,000,000,000

ISIN

RU000A0ZYJR6

Final placement date

December 07, 2017

Offer date

December 06, 2018

Maturity date

November 25, 2027

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation and 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.

A credit rating has been assigned to the BO-05 series bond (RU000A0ZYJR6) of PJSC Sovcombank for the first time. The credit rating is expected to be revised within one year following the rating action date (December 6, 2017).

The assigned credit rating is based on the data provided by PJSC Sovcombank, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and PJSC Sovcombank participated in its assignment.

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

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

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