ACRA assigns ВВ(RU) to (RU000A102LF6) bond issued by Pioneer Leasing Ltd.

Credit rating rationale as regards to the BO-P04 series (RU000A102LF6) bond issued by Pioneer Leasing Ltd. Having analyzed the risk of losses, which may be incurred by bondholders, ACRA is of the opinion that the recovery rate on the bond issue belongs to category II as per ACRA’s methodology. Hence, the bond issue is assigned the credit rating BB(RU), i. e. on par with the credit rating of Pioneer Leasing Ltd.

The credit rating of Pioneer Leasing Ltd. at BB(RU) is based on a moderately low business profile assessment, weak capital adequacy assessment, adequate risk profile assessment, and satisfactory liquidity and funding assessment.

Key issue properties

Borrower

Pioneer Leasing Ltd.

Issuer’s credit rating

BB(RU), outlook Stable

Actual issuer

Pioneer Leasing Ltd.

Type of security

Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, BO-P04 series

Issue volume

RUB 350 mln

RegS

4B02-04-00331-R-001P

ISIN

RU000A102LF6

Placement start date

December 25, 2020

Maturity date

December 13, 2030

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 on the National Scale for 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 BO-P04 series bond issued by Pioneer Leasing Ltd. 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 the data provided by Pioneer Leasing Ltd., information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Pioneer Leasing Ltd. participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by Pioneer Leasing Ltd. in its financial statements have been discovered.

ACRA provided no additional services to Pioneer Leasing Ltd. No conflicts of interest were discovered in the course of credit rating assignment.

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