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ACRA assigns AA+(RU) to RU000A0ZYLF7 bond issued by JSC «FPC»

Credit rating rationale. Bond issue is a senior unsecured debt obligations of Joint Stock Company «Federal Passenger Company» (hereinafter, the Company or FPC). Due to the absence of either structural or contractual subordination of the bond, ACRA ranks the bond pari passu with other existing and future unsecured and unsubordinated obligations of the Company. In accordance with the ACRA methodology, issue credit rating is on par with the credit rating of FPC, i.e. AA+(RU).

The credit rating assigned to FPC is one rating notch below the financial obligations of the Russian Government, in view of a high systemic importance of the Company for the Russian economy and a very high influence of the state on the Company. ACRA notes that the level of systemic importance is not maximum achievable, which is due to a limited vulnerability of the national economy to a potential default of the Company.

Key issue properties


Joint Stock Company «Federal Passenger Company»

Issuer credit rating

AA+(RU), outlook Stable

Actual issuer

Joint Stock Company «Federal Passenger Company»

Type of security

Exchange-traded interest-bearing
non-convertible certified bearer bonds
4B02-02-55465-E-001P series

Issue volume

RUB 5 bln



Final placement date

December 21, 2017

Maturity date

December 9, 2027

Regulatory disclosure

The credit rating has been assigned to bond issue 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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating has been assigned to RU000A0ZYLF7 bond issued by Joint Stock Company «Federal Passenger Company» for the first time. The credit rating is expected to be revised within one year following the rating action date (December 20, 2017).

The credit rating was assigned based on the data provided by Joint Stock Company «Federal Passenger Company», information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Joint Stock Company «Federal Passenger Company» participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by Joint Stock Company «Federal Passenger Company» in its financial statements were discovered.

ACRA provided no additional services to Joint Stock Company «Federal Passenger Company». No conflicts of interest were discovered in the course of credit rating assignment.

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