Credit rating rationale. The issue represents senior unsecured debt of «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) (hereinafter, the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it 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 issue is equivalent to that of the Bank, i.e. AA-(RU).
The credit rating of the Bank is based on its high systemic importance for the Russian economy and very high degree of state influence. The Bank's standalone creditworthiness is moderately high, which is due to the moderately strong business profile, adequate capital adequacy, weak risk profile and adequate funding and liquidity positions of the Bank.
Key issue properties
| Issuer | «Bank Otkritie Financial Corporation» |
| Issuer’s credit rating | AA-(RU), outlook Stable |
| Actual issuer | «Bank Otkritie Financial Corporation» |
| Type of security | Exchange-traded |
| ISIN | RU000A101GR3 |
| Issue volume | RUB 15 bln |
| Placement date | March 3, 2020 |
| Maturity date | February 25, 2025 |
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.
The credit rating has been assigned to BO-P06 series (ISIN RU000A101GR3) bond issued by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) 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 is based on the data provided by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company), information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) participated in its assignment.
No material discrepancies between the provided information and the data officially disclosed by «Bank Otkritie Financial Corporation» (Public Joint-Stock Company) in its financial statements have been discovered.
ACRA provided additional services to «Bank Otkritie Financial Corporation» (Public Joint-Stock Company). No conflicts of interest were discovered in the course of the credit rating assignment.
