Training on sovereign risk credit analysis, October 24

ACRA assigns AAA(RU) to RU000A0ZZQN7 bond issued by PJSC FGC UES

Credit rating rationale. The issue represents senior unsecured debt of PJSC FGC UES (the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to the ACRA methodology, the credit rating of the bond issue is equivalent to that of the Company — AAA(RU).

The credit rating assigned to the Company is on par with the financial obligations of the Russian Government, based on the very high systemic importance of the Company for the Russian economy and the very high influence of the state on the Company.

Key issue properties

Borrower

PJSC FGC UES

Issuer credit rating

AAA(RU), outlook Stable

Actual issuer

PJSC FGC UES

Type of security

Series 001P-01R

exchange-traded bond

Issue volume

RUB 10 bln

ISIN

RU000A0ZZQN7

Final placement date

October 25, 2018

Maturity date

October 19, 2023

 

Regulatory disclosure

The credit rating has been assigned to Series 001P-01R (RU000A0ZZQN7) 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 Series 001P-01R (RU000A0ZZQN7) bond issued by PJSC FGC UES for the first time. The credit rating is expected to be revised within one year following the rating action date (October 25, 2018).

The assigned credit rating is based on the data provided by PJSC FGC UES, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and PJSC FGC UES participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by PJSC FGC UES in its financial statements have been discovered.

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

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