Training on modelling fundamentals December 17–18

ACRA assigns the status “Rating under revision: negative” to the credit rating of bonds issued by the Republic of Mordovia

Credit rating status rationale. In ACRA’s opinion, the below bonds issued by the Republic of Mordovia are senior unsecured instruments, and their credit rating is equal to the rating assigned to the Republic of Mordovia (BB+(RU)). The credit rating of the Republic of Mordovia was assigned the status “Rating under revision: negative.” The ratings of the bonds issued by the Republic of Mordovia were also assigned the status “Rating under revision: negative.”

Key issue properties:

RegS / ISIN: RU34002MOR0/ RU000A0JVV49

Issue volume  

RUB 3 bln

Placement start date / Repayment date

October 21, 2015 / October 14, 2020

 

RegS / ISIN: RU34003MOR0/ RU000A0JWSQ7

Issue volume  

RUB 5 bln

Placement start date / Repayment date

September 9, 2016 / September 3, 2021

 

Regulatory disclosure

The credit ratings have been assigned to the Republic of Mordovia and to bonds issued by the Republic of Mordovia (ISIN RU000A0JVV49, RU000A0JWSQ7) under the national scale for the Russian Federation based on the Methodology for Credit Rating Assignment to Regional and Municipal Authorities of the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities. In the process of credit rating assignment to the above issues, the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale of the Russian Federation was also used.

The credit rating of the Republic of Mordovia and credit ratings of government securities of the Republic of Mordovia (RU000A0JVV49, RU000A0JWSQ7) were published by ACRA on November 8, 2017, for the first time.

The credit rating of the Republic of Mordovia and its outlook as well as the credit ratings of government securities issues of the Republic of Mordovia (ISIN RU000A0JVV49, RU000A0JWSQ7) are expected to be revised within 90 days after the rating action date (November 7, 2018) in compliance with the 2018 calendar of planned sovereign credit rating revisions and publications.

The credit rating was assigned based on the data provided by the Republic of Mordovia, information from publicly available sources (the Ministry of Finance, the Federal State Statistics Service, and the Federal Tax Service), as well as ACRA’s own databases. The credit rating is solicited, and the Republic of Mordovia participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by the Republic of Mordovia in its financial statements have been discovered.

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

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