Credit rating rationale. The issues represent senior unsecured debt of PJSC "Lenenergo" (hereinafter, the Company). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to ACRA’s methodology, the credit rating of the bond issues is equivalent to that of the Company — AAA(RU).
The bond issues will not have a significant impact on the Company’s debt load and coverage indicators. The total volume of debt obligations decreased from RUB 34.5 bln at the end of 2018 to RUB 28.1 bln at the end of 2019 due to repayments made over the past year. The Company will use the funds it receives from the bond placements to refinance its debt obligations.
Lenenergo is a regional electric grid company operating in St. Petersburg and the Leningrad Region.
Key issue properties
|
Issuer |
PJSC "Lenenergo" |
|
Issuer’s credit rating |
AAA(RU), outlook Stable |
|
Actual issuer |
PJSC "Lenenergo" |
|
Type of security |
Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, series BO-03 |
|
Issue volume |
RUB 5 bln |
|
ISIN / RegS |
RU000A101DE8 / 4B02-03-00073-A |
|
Placement start date |
February 5, 2020 |
|
Maturity date |
January 23, 2030 |
|
Planned early redemption date |
January 29, 2025 |
|
Call option date |
February 6, 2023 |
|
Issuer |
PJSC "Lenenergo" |
|
Issuer’s credit rating |
AAA(RU), outlook Stable |
|
Actual issuer |
PJSC "Lenenergo" |
|
Type of security |
Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, series BO-04 |
|
Issue volume |
RUB 5 bln |
|
ISIN / RegS |
RU000A101DF5 / 4B02-04-00073-A |
|
Placement start date |
February 5, 2020 |
|
Maturity date |
January 23, 2030 |
|
Planned early redemption date |
January 29, 2025 |
|
Call option date |
February 6, 2023 |
Regulatory disclosure
Regulatory disclosure
The credit rating has been assigned to the series BO-03 (RU000A101DE8) and BO-04 (RU000A101DF5) bond issues 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.
A credit rating has been assigned to the series BO-03 (RU000A101DE8) and BO-04 (RU000A101DF5) bonds issued by PJSC "Lenenergo" for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.
The credit rating was assigned based on the data provided by PJSC "Lenenergo", information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and PJSC "Lenenergo" participated in the rating process.
No material discrepancies between the provided data and the data officially disclosed by PJSC "Lenenergo" in its financial statements have been discovered.
ACRA provided no additional services to PJSC "Lenenergo". No conflicts of interest were discovered in the course of credit rating assignment.
