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ACRA assigns AAA(RU) to RU000A100SZ3 bond issued by Russian Post

Credit rating rationale. The issue represents senior unsecured debt of Russian Post (hereinafter, the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to the ACRA methodology, the credit rating of the issue is equivalent to that of the Company, i.e. AAA(RU).

The credit rating of the Company is a result of its very high systemic importance for the Russian economy, very high influence of the government on the Company, very strong market positions, strong business profile, large size, and medium profitability and leverage. The Company's standalone creditworthiness assessment (SCA) is restricted by medium liquidity, moderate cash flow, and low interest coverage.

Key issue properties


Russian Post

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

Russian Post

Type of security

Certified exchange-traded interest-bearing non-convertible unregistered bond,

BО-001R-06 series

Issue volume

RUB 5 bln



Final placement date

September 5, 2019

Maturity date

August 23, 2029

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 has been assigned to the bond (ISIN RU000A100SZ3) issued by Russian Post for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

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

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

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

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