Credit rating rationale. The issue represents senior unsecured debt of International Bank for Economic Co-operation (hereinafter, IBEC). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it pari passu with other existing and future unsecured and unsubordinated debt obligations of IBEC in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of IBEC, i.e. AAA(RU), therefore the rating is AAA(RU).

IBEC’s issuer rating is based on its strong intrinsic financial strengths that stem from strong capital adequacy, a satisfactory risk profile, and adequate liquidity and funding.

Key issue properties

Borrower/Actual issuer

International Bank for Economic Co-operation

Type of security

Series 001P-02 exchange-traded bond

Issue volume

RUB 5 bln

ISIN

RU000A101RJ7

Placement date

June 15, 2020

Maturity date

June 3, 2030

Regulatory disclosure

The credit rating has been assigned to series 001P-02 bond (ISIN RU000A101RJ7) 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, the Methodology for Mapping Credit Ratings Assigned on ACRA’s International Scale to Credit Ratings Assigned on ACRA’s National Scale for 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 series 001P-02 bond (ISIN RU000A101RJ7) issued by International Bank for Economic Co-operation for the first time. The credit rating is expected to be revised within 182 days following the publication date of this press release as per the Calendar of planned sovereign credit rating revisions and publications.

The credit rating is based on data provided by International Bank for Economic Co-operation, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and International Bank for Economic Co-operation participated in its assignment.

No material discrepancies between the provided data and data officially disclosed by International Bank for Economic Co-operation in its financial statements have been discovered.

ACRA provided no additional services to International Bank for Economic Co-operation. No conflicts of interest were discovered in the course of the credit rating assignment.

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Analysts

Alexey Bredikhin
Director, Financial Institutions Ratings Group
+7 (495) 139 04 83
Zhannur Ashigali
Associate Director, Sovereign and Regional Ratings Group
+7 (495) 139 03 02
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