Training on sovereign risk credit analysis, October 24

ACRA assigns АА(RU) to bonds issued by Bank GPB (JSC)

Credit rating rationale. The following bond issues represent senior unsecured debt of Bank GPB (JSC): series 11 (RU000A0JT6G1), series 12 (RU000A0JT6J5), BO-07 (RU000A0JU7Y9), BO-08 (RU000A0JUMH3), BO-09 (RU000A0JUQ39), BO-10 (RU000A0JUV08), BO-11 (RU000A0JWTK8), BO-20 (RU000A0JV7W2), BO-21 (RU000A0JW9R7), BO-22 (RU000A0JWE56). 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 Bank in terms of priority. According to the ACRA methodology, the credit rating of the issues is equivalent to that of Bank GPB (JSC), i.e. AA(RU).

The credit rating of Bank GPB (JSC) is based on its strong and stable business profile, adequate capital adequacy position, satisfactory liquidity position, and satisfactory risk profile assessment. The rating is additionally supported by critical systemic importance of Bank GPB (JSC) for the Russian financial market.

Key properties of the issues

Borrower/ Actual issuer for all issues is Bank GPB (JSC)
(Issuer’s credit rating is АА(RU), outlook Positive)

1)     ISIN / Identification number: RU000A0JT6G1/41100354B

Type of security

Certified interest-bearing bearer bond,
series 11

Issue volume

RUB 10 bln

Final placement date / maturity date

October 18, 2012 / October 10, 2019

 

2)     ISIN / Identification number: RU000A0JT6J5/41200354B

Type of security

Certified interest-bearing bearer bond,
series 12

Issue volume

RUB 10 bln

Final placement date / maturity date

October 18, 2012 / October 6, 2022

 

3)     ISIN / Identification number: RU000A0JU7Y9/4B020700354B

Type of security

Exchange-traded bond,
series BO-07

Issue volume

RUB 10 bln

Final placement date / maturity date

October 22, 2013 / October 22, 2023

 

4)     ISIN / Identification number: RU000A0JUMH3/4B020800354B

Type of security

Exchange-traded bond,
series BO-08

Issue volume

RUB 10 bln

Final placement date / maturity date

May 23, 2014 / May 23, 2024

 

5)      ISIN / Identification number: RU000A0JUQ39/4B020900354B

Type of security

Exchange-traded bond,
series BO-09

Issue volume

RUB 10 bln

Final placement date / maturity date

June 27, 2014 / June 27, 2024

 

6)      ISIN / Identification number: RU000A0JUV08/4B021000354B

Type of security

Exchange-traded bond,
series BO-10

Issue volume

RUB 10 bln

Final placement date / maturity date

September 26, 2014 / September 26, 2024

 

7)    ISIN / Identification number: RU000A0JWTK8/4B021100354B

Type of security

Exchange-traded bond,
series BO-11

Issue volume

RUB 10 bln

Final placement date / maturity date

September 22, 2016 / September 22, 2019

 

8)     ISIN / Identification number: RU000A0JV7W2/4B022000354B

Type of security

Exchange-traded bond,
series BO-20

Issue volume

RUB 5 bln

Final placement date / maturity date

February 9, 2015 / February 9, 2018

 

9)     ISIN / Identification number: RU000A0JW9R7/4B022100354B

Type of security

Exchange-traded bond,
series BO-21

Issue volume

RUB 5 bln

Final placement date / maturity date

March 18, 2016 / March 18, 2019

 

10)     ISIN / Identification number: RU000A0JWE56/4B022200354B

Type of security

Exchange-traded bond,
series BO-22

Issue volume

RUB 5 bln

Final placement date / maturity date

April 21, 2016 / April 21, 2019

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 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 following bonds of Bank GPB (JSC) for the first time: series 11 (RU000A0JT6G1), series 12 (RU000A0JT6J5), BO-07 (RU000A0JU7Y9), BO-08 (RU000A0JUMH3), BO-09 (RU000A0JUQ39), BO-10 (RU000A0JUV08), BO-11 (RU000A0JWTK8), BO-20 (RU000A0JV7W2), BO-21 (RU000A0JW9R7), BO-22 (RU000A0JWE56). The credit rating is expected to be revised within one year following the rating action date (December 27, 2017).

The assigned credit rating is based on the data provided by Bank GPB (JSC), information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Bank GPB (JSC) participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by Bank GPB (JSC) in its financial statements have been discovered.

ACRA provided additional services to Bank GPB (JSC). No conflicts of interest were discovered in the course of credit rating assignment.

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