ACRA assigns AA(RU) to bonds issued by PJSC «MegaFon»

Credit rating rationale. The issues represent senior unsecured debt of PJSC “MegaFon” (hereinafter – the Company, or MegaFon). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. According to the ACRA methodology, the credit rating of the issues is equivalent to that of MegaFon, i.e. AA(RU).

The credit rating of PJSC “MegaFon” is determined by the very large scope of the Company and by very high profitability, strong business profile, very 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

Issuer

PJSC “MegaFon”

Issuer’s credit rating

AA(RU), outlook Stable

Actual issuer

PJSC “MegaFon”

Type of security

Exchange-traded interest-bearing certified unregistered bond, 4B02-03-00822-J-001P

Issue volume

RUB 15 bln

ISIN

RU000A0ZYC98

Final placement date

October 9, 2017

Maturity date

October 3, 2022

 

Issuer

PJSC “MegaFon”

Issuer’s credit rating

AA(RU), outlook Stable

Actual issuer

PJSC “MegaFon”

Type of security

Commercial discount certified unregistered paper, 4CDE-01-00822-J

Issue volume

RUB 500 mln

ISIN

RU000A0ZYBK8

Final placement date

September 29, 2017

Maturity date

December 22, 2017

 

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 issues (RU000A0ZYC98, RU000A0ZYBK8) of PJSC “MegaFon” for the first time. The credit rating is expected to be revised within one year following the rating action date (October 9, 2017).

The assigned credit rating is based on the 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 the data officially disclosed by PJSC “MegaFon” in its financial statements have been discovered.

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

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