Credit rating rationale. Alfa Bond Issuance Plc, an Irish SPV, has placed an LPN issue amounting to RUB 10 bln and provided proceeds from the issue in full as a loan of JSC “ALFA-BANK” (hereinafter – Alfa-Bank, or the Bank). The issue represents senior unsecured debt of Alfa-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 Alfa-Bank, i.e. AA(RU).

The credit rating of Alfa-Bank is based on its strong and stable business profile, adequate capital and liquidity position, as well as satisfactory risk profile assessment. The rating is additionally supported by the Bank’s moderate systemic importance for the Russian financial market.

Key issue properties



Issuer’s credit rating / SCA

АА(RU), Stable / а+

Actual issuer

Alfa Bond Issuance Plc

Type of security

Eurobonds (LPN)

Issue volume

RUB 10 bln



Final placement date

February 16 , 2017

Maturity date

February 16, 2022

Regulatory disclosure

The credit rating has been assigned 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 Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

The credit rating has been assigned to the Eurobonds issued by JSC “ALFA-BANK” for the first time. The credit rating is expected to be revised within one year following the rating action date (February 17, 2017).

The assigned credit rating is based on the data provided by JSC “ALFA-BANK”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC “ALFA-BANK” participated in its assignment.

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

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

Print version
Download PDF


Svetlana Kolomytova
Expert, Financial Institutions Ratings Group
+7 (495) 139 04 80, ext. 221
Suren Asaturov
Director, Financial Institutions Ratings Group
+7 (495) 139 04 80, ext. 130
We protect the personal data of users and process cookies only to personalize services. You can prevent the processing of cookies in your browser settings. Please read the terms of use of cookies on this website by clicking on more information.