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ACRA assigns ААА(RU) to 001Р-02 series bond (RU000A101FY1) issued by PJSC MOESK

Rationale. The issue represents senior unsecured debt of MOESK (the Company or MOESK). 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 bond issue will not have a significant impact on the leverage and debt coverage indicators of the Company. Taking into account the volume of repayments made by the Company over the past year, the total debt obligations of the Company decreased from RUB 90 bln as of March 31, 2019 to RUB 87.6 bln as of February 13, 2020. The Company's loan portfolio is represented in equal shares by public borrowings and bank loans. Funds earned from the placement of the bond will be applied to refinance the BO-09 series bond issued by MOESK in 2017. As of February 13, 2020, the Company's liquidity included free credit lines (RUB 130.4 bln) and cash (RUB 8 bln).

MOESK is a regional electric power grid company operating in Moscow and the Moscow Region. The key shareholders of the Company are PJSC Rosseti (50.9%), PJSC Lider (an asset management company of NPF Gazfond) (17.6%), and Bank GPB (JSC) (9.8%).

Key issue properties

Borrower

PJSC MOESK

Issuer’s credit rating

ААА(RU), outlook Stable

Actual issuer

PJSC MOESK

Type of security

Certified exchange-traded interest-bearing non-convertible unregistered bond subject to centralized title registration,
001
Р-02 series

Issue volume

RUB 10 bln

ISIN / RegS

RU000A101FY1 / 4B02-02-65116-D-001P

Placement start date

February 21, 2020

Maturity date

February 14, 2025

Call option date

February 22, 202

Regulatory disclosure

The credit rating of the bond (ISIN RU000A101FY1) issued by PJSC MOESK 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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the bond (RU000A101FY1) issued by PJSC MOESK for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

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

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

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

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