Training on SF, October 30–31

ACRA assigns AАA(RU) to bonds issued by Vnesheconombank

Credit rating rationale. The PBO-001R-10 series (RU000A0ZYLH3) and PBO-001R-11 series (RU000A0ZYLJ9) bonds represent senior unsecured debt of Vnesheconombank (hereinafter, the Bank). Due to the absence of either structural or contractual subordination of the issues, ACRA regards the above bonds on par with other existing and future unsecured and unsubordinated debt obligations of the Bank. According to the ACRA methodology, the credit rating of the issues is equivalent to that of Vnesheconombank, i.e. AAA(RU).

The credit rating of the Bank is on par with the financial obligations of the Government of the Russian Federation, in view of a very high likelihood of extraordinary support from the Government based on the very high systemic importance of the Bank for the Russian economy and the essential influence of the state on the Bank's creditworthiness.

Key properties of the issues

Borrower / Actual issuer for all issues: Vnesheconombank
(Issuer's credit rating is AAA(RU), outlook 'Stable').

1)     ISIN / Identification number: RU000A0ZYLH3 / 4B02-11-00004-T-001P

Type of security

Certified interest-bearing unregistered bond,
series PBO-001R-10

Issue volume

RUB 15 billion

Final placement date / Maturity date

December 21, 2017 / June 18, 2020


2)     ISIN / Identification number: RU000A0ZYLJ9 / 4B02-12-00004-T-001P

Type of security

Certified interest-bearing unregistered bond,
series PBO-001R-11

Issue volume

RUB 30 billion

Final placement date / Maturity date

December 21, 2017 / December 15, 2022

Regulatory disclosure

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

The credit rating has been assigned to PBO-001R-10 series (RU000A0ZYLH3) and PBO-001R-11 series (RU000A0ZYLJ9) bonds issued by Vnesheconombank for the first time. The credit rating is expected to be revised within one year following the rating action date (January 10, 2018).

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

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

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

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