Credit rating withdrawal rationale

The withdrawal of the credit rating assigned to the bond issued by Moscow (ISIN RU000A0JQHM1) is due to its full redemption.

Moscow Government Bond, 2009, RegS RU27066MOS0 (ISIN RU000A0JQHM1), maturity date:  November 23, 2018, issue volume: RUB 30 bln.

According to the ACRA methodology, the credit rating equivalent to that of Moscow has been assigned to this issue, i.e. ААА(RU). The credit rating is withdrawn without its concurrent affirmation.

Regulatory disclosure

The credit rating has been previously assigned to the RU000A0JQHM1 bond issued by Moscow 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 the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

For the first time, the credit rating of the RU000A0JQHM1 bond was published by ACRA on October 17, 2017.

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

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

ACRA provided no additional services to Moscow Administration. No conflicts of interest were discovered in the course of the rating process.

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Analysts

Evgenia Trautman
Senior Analyst, Sovereign and Regional Ratings Group
+7 (495) 139 04 80, ext. 104
Ilya Tsypkin
Associate Director, Head of Municipal Ratings, Sovereign and Regional Ratings Group
+7 (495) 139 03 45
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