ACRA assigns A-(RU) to RU000A0ZYEB1 bond issued by “TransFin-M” PС

Credit rating rationale. The bonds listed below are senior unsecured debt of “TransFin-M” PC (hereinafter — TransFin-M, or the Company). Due to the absence of either structural or contractual subordination of the bonds, ACRA ranks the bonds pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to the ACRA methodology, the reimbursement rate for unsecured debt relates to category II; hence, the bond issues are assigned the credit rating A-(RU), on par with the credit rating assigned to the Company.

The credit rating of TransFin-M (A-(RU)) is based on a moderate standalone creditworthiness assessment and a high likelihood of extraordinary support from the parent company, non-state pension fund “BLAGOSOSTOYANIE.” Compared to other RF-based issuers, the Company’s creditworthiness is assessed as high.

Key issue properties

Issuer

“TransFin-M” PC

Issuer’s credit rating

A-(RU), outlook Stable

Actual issuer

“TransFin-M” PC

Type of security

Exchange-traded interest-bearing certified unregistered bond, 001P-04

Issue volume

RUB 10 bln

ISIN RegS

RU000A0ZYEB1

Final placement date

October 26, 2017

Maturity date

October 14, 2027

 

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 001P-04 series bond issued by TransFin-M for the first time. The credit rating is expected to be revised within one year following the rating action (November 10, 2017).

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

No material discrepancies between the provided data and the data officially disclosed by TransFin-M in its financial statements have been discovered.

ACRA provided an additional service to TransFin-M in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

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