Credit rating rationale. In ACRA's opinion, the bond issued by the Belgorod Region is a senior unsecured debt instrument, and its credit rating is equal to the credit rating of
the Belgorod Region – AA-(RU).

Key issue properties

Issue volume

RUB 2.7 bln

ISIN / RegS:

- / RU34015BEL0

Placement start date / Repayment date

June 4, 2020 / May 29, 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 the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the bond (RU34015BEL0) issued by the Belgorod Region for the first time. The credit rating is expected to be revised within 182 days from the publication date of this press release as per the Calendar of planned sovereign credit rating revisions and publications.

The assigned credit rating is based on the data provided by the Belgorod Region. The credit rating is solicited, and the Government of the Belgorod Region participated in its assignment.

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

ACRA provided no additional services to the Government of the Belgorod Region. No conflicts of interest were discovered in the course of credit rating assignment.

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