ACRA Modelling Day - 2018

ACRA assigns BBB+(RU) to RU000A0ZZL05 bond issued by PJSC SCB "Metallinvestbank"

Credit rating rationale. The issue represents senior unsecured debt of PJSC SCB "Metallinvestbank" (hereinafter, Metallinvestbank, or the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu to other existing and future unsecured and unsubordinated debt obligations of the Bank’s in terms of priority. According to the ACRA methodology, the credit rating of the issue is equivalent to that of Metallinvestbank, i.e. BBB+(RU).

The credit rating assigned to Metallinvestbank is based on a sustainable business profile, significant loss absorption buffer, satisfactory risk profile, and satisfactory liquidity and funding position. The credit rating takes into account the likelihood of support from OMK (United Metallurgical Company).

Key issue properties

Borrower

PJSC SCB "Metallinvestbank"

Issuer’s credit rating

BBB+(RU), outlook Stable

Actual issuer

PJSC SCB "Metallinvestbank"

Type of security

Exchange-traded interest-bearing certified unregistered bond, BО-03 series

Issue volume

RUB 3 bln

ISIN

RU000A0ZZL05

Final placement date

September 10, 2018

Maturity date

September 4, 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-03 series bond issued by PJSC SCB "Metallinvestbank" for the first time. The credit rating is expected to be revised within one year following the rating action date (September 7, 2018).

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

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

ACRA provided no additional services to PJSC SCB "Metallinvestbank". No conflicts of interest were discovered in the course of credit rating assignment.

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