Training on AMC and NSPF, September 6–7

ACRA assigns AA-(RU) to BO-07, BO-08, BO-09, BO-10 and BO-11 series bonds issued by KAMAZ PTC

Credit rating rationale. The issues are senior unsecured debt instruments of KAMAZ PTC (the Company). The bond principal is secured by the state guarantee of the Russian Federation. In view of the absence of either structural or contractual subordination of the issues, ACRA assesses the bonds pari passu with other existing and future unsecured and unsubordinated obligations of the Company. In accordance with ACRA methodology, and taking into account the high creditworthiness of the Company and the availability of state guarantees under the bond principal, ACRA categorizes such bonds as category I, which results in a one notch upward adjustment of the issue credit rating against the credit rating assigned to the Company, — to AА-(RU).

The credit rating assigned to KAMAZ PTC is based on high systemic importance of the Company for the Russian economy and high level of state influence according to the ACRA methodology. In addition, the Company enjoys a strong market positions, has high-quality corporate governance, strong geographic diversification, strong liquidity assessments, and medium assessments of business profile, size, profitability, leverage and coverage. The credit rating is under pressure from weak cash flow indicators resulting from the investment cycle peak that the Company is currently in.

Key issue properties

Borrower

KAMAZ PTC

Issuer credit rating

А+(RU), outlook Stable

Actual issuer

KAMAZ PTC

Type of security

Exchange-traded interest-bearing certified bearer bonds, BO-07 series

Issue volume

RUB 3 bln

Reg. ID

4-07-55010-D

 

Borrower

KAMAZ PTC

Issuer credit rating

А+(RU), outlook Stable

Actual issuer

KAMAZ PTC

Type of security

Exchange-traded interest-bearing certified bearer bonds, BO-08 series

Issue volume

RUB 3 bln

Reg. ID

4-08-55010-D

 

Borrower

KAMAZ PTC

Issuer credit rating

А+(RU), outlook Stable

Actual issuer

KAMAZ PTC

Type of security

Exchange-traded interest-bearing certified bearer bonds, BO-09 series

Issue volume

RUB 3 bln

Reg. ID

4-09-55010-D

 

Borrower

KAMAZ PTC

Issuer credit rating

А+(RU), outlook Stable

Actual issuer

KAMAZ PTC

Type of security

Exchange-traded interest-bearing certified bearer bonds, BO-10 series

Issue volume

RUB 3 bln

Reg. ID

4-10-55010-D

 

Borrower

KAMAZ PTC

Issuer credit rating

А+(RU), outlook Stable

Actual issuer

KAMAZ PTC

Type of security

Exchange-traded interest-bearing certified bearer bonds, BO-11 series

Issue volume

RUB 3 bln

Reg. ID

4-11-55010-D

 

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 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 was assigned to BO-07, BO-08, BO-09, BO-10 and BO-11 series bonds issued by KAMAZ PTC for the first time. The credit rating is expected to be revised within one year following the rating action date (May 14, 2018).

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

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

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

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