Training on sovereign risk credit analysis, October 24

ACRA withdraws the credit rating of BО-22 series (RU000A0JWE56) bond issued by Bank GPB (JSC) in view of bond redemption

Credit rating withdrawal rationale

The withdrawal of the credit rating of BO-22 series (RU000A0JWE56) exchange-traded bond issued by Bank GPB (JSC) is due to the full redemption of this bond issue on April 21, 2019 as planned. Before the withdrawal, the AA(RU) credit rating was affirmed to the bond issue, i.e. on par with the credit rating of Bank GPB (JSC). The rating has been withdrawn without its concurrent affirmation.

Regulatory disclosure

The credit rating has been previously assigned to the BO-22 series (RU000A0JWE56) bond issued by Bank GPB (JSC) 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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.

For the first time, the credit rating of the BO-22 series (RU000A0JWE56) bond was published by ACRA on December 28, 2017.

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

No material discrepancies between the provided data 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 the rating process.

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