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ACRA assigns AA(RU) to bonds issued by Bank GPB (JSC)

Credit rating rationale. The issues represent senior unsecured debt of Bank GPB (JSC). Due to the absence of either structural or contractual subordination of the issue, ACRA regards them as pari passu to 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 Bank GPB (JSC), i.e. AA(RU).

The credit rating of Bank GPB (JSC) is based on its strong and stable business profile, adequate capital adequacy position, satisfactory liquidity position, and satisfactory risk profile assessment. The rating is additionally supported by critical systemic importance of Bank GPB (JSC) for the Russian financial market.

Key properties of the issues

Borrower/ Actual issuer for all issues is Bank GPB (JSC)
(Issuer’s credit rating is АА(RU), outlook Positive)

1.   ISIN / Identification number: RU000A0ZYRX7/4В021800354В

Type of security

Exchange-traded bond,
series BO-18

Issue volume

RUB 10 bln

Placement start date / maturity date

February 12, 2018 / February 12, 2023

 

2.   ISIN / Identification number: RU000A0ZYRY5/4B021900354B

Type of security

Exchange-traded bond,
series BO-19

Issue volume

RUB 10 bln

Placement start date / maturity date

February 12, 2018 / February 12, 2023

 

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 the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

The credit rating has been assigned to BO-18 series (RU000A0ZYRX7) and BO-19 series (RU000A0ZYRY5) bonds of Bank GPB (JSC) for the first time. The credit rating is expected to be revised within one year following the rating action date (February 9, 2018).

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

No material discrepancies between the provided information and the data officially disclosed by Bank GPB (JSC) in its financial statements have been discovered.

ACRA provided additional services to Bank GPB (JSC). No conflicts of interest were discovered in the course of credit rating assignment.

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