Training on сorporate credit analysis, March 19–20

ACRA assigns AA(RU) to RU000A1002P4 bond issued by PJSC “MegaFon”

Credit rating rationale. The issue represents senior unsecured debt of PJSC “MegaFon” (hereinafter — the Company, or MegaFon). Due to the absence of either structural or contractual subordination of the issue, ACRA ranks the bond pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. In accordance with the ACRA methodology, and taking into account high creditworthiness and moderate leverage of the issuer, as well as the absence of secured debt obligations, the bond issue is rated AA(RU), on par with the credit rating assigned to MegaFon.

The credit rating of PJSC “MegaFon” is based on the Company’s very large scope and very high profitability, strong business profile, strong liquidity position, and very high level of corporate governance. The rating is under pressure of the medium leverage and weak cash flow.

Key issue properties

Borrower

PJSC “MegaFon”

Issuer’s credit rating

AA(RU), outlook Stable

Actual issuer

PJSC “MegaFon”

Type of security

Exchange-traded interest-bearing certified unregistered bond, BО-001Р-05

Issue volume

RUB 20 bln

ISIN

RU000A1002P4

Final placement date

February 4, 2019

Maturity date

January 31, 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 the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the bond issue (RU000A1002P4) of PJSC “MegaFon” for the first time. The credit rating is expected to be revised within one year following the rating action date (February 1, 2019).

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

No material discrepancies between the provided data and data officially disclosed by PJSC “MegaFon” in its financial statements have been discovered.

ACRA provided additional services to PJSC “MegaFon”. No conflicts of interest were discovered in the course of credit rating assignment.

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