Credit rating rationale. The issues represent senior unsecured debt of Sberbank (hereinafter – Sberbank, or the Bank). 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 ratings of the issues are equivalent to that of Sberbank, i.e. AAA(RU).
The credit rating of Sberbank is based on its very high systemic importance for the Russian economy and a high degree of state influence, as defined by the ACRA methodology. The Bank enjoys high standalone creditworthiness compared to other Russian credit institutions, which is supported by its exceptional market positions, adequate capital position and adequate risk profile.
Key issue properties
RU000A0ZZXS2
| Issuer | Sberbank |
| Issuer’s credit rating | AAА(RU), outlook Stable |
| Actual issuer | Sberbank |
| Type of security | Certified non-convertible exchange-traded |
| Volume of placement | RUB 15 bln |
| RegS | 4B024501481B001P |
| ISIN | RU000A0ZZXS2 |
| Final placement date | December 13, 2018 |
| Maturity date | March 07, 2024 |
RU000A0ZZWZ9
| Issuer | Sberbank |
| Issuer’s credit rating | AAА(RU), outlook Stable |
| Actual issuer | Sberbank |
| Type of security | Certified non-convertible exchange-traded |
| Volume of placement | RUB 12 bln |
| RegS | 4B024401481B001P |
| ISIN | RU000A0ZZWZ9 |
| Final placement date | December 13, 2018 |
| Maturity date | February 07, 2022 |
RU000A0ZZE20
| Issuer | Sberbank |
| Issuer’s credit rating | AAА(RU), outlook Stable |
| Actual issuer | Sberbank |
| Type of security | Certified non-convertible exchange-traded |
| Volume of placement | RUB 40 bln |
| RegS | 4B021601481B001P |
| ISIN | RU000A0ZZE20 |
| Final placement date | July 30, 2018 |
| Maturity date | January 18, 2023 |
Regulatory disclosure
The credit rating has been assigned under the national scale for the Russian Federation and 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 001Р-50R, 001Р-52R, 001P-16R series bonds of Sberbank for the first time. The credit rating is expected to be revised within one year following the rating action date (December 12, 2018).
The assigned credit rating is based on the data provided by Sberbank, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Sberbank participated in its assignment.
No material discrepancies between the provided data and the data officially disclosed by Sberbank in its financial statements have been discovered.
ACRA provided additional services to Sberbank. No conflicts of interest were discovered in the course of credit rating assignment.
