Credit rating rationale. The issue represents senior unsecured debt of Leasing Company Simple Solutions LLC (hereinafter — Leasing Company Simple Solutions LLC or the Company). 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 the Company. According to the ACRA methodology, the repayment level of unsecured debt belongs to category II; therefore, the credit rating of the issue is equivalent to that of Leasing Company Simple Solutions LLC, i.e. BBB+(RU).
The credit rating of the Company is based on the Company’s moderate business profile, strong capital adequacy and risk profile, and satisfactory liquidity and funding assessment.
Key issue properties
| Issuer | Leasing Company Simple Solutions LLC |
| Issuer’s credit rating | BBB+(RU), outlook Stable |
| Actual issuer | Leasing Company Simple Solutions LLC |
| Type of security | Exchange-traded interest-bearing non-convertible bond |
| Issue volume | RUB 1 bln |
| Placement start date | July 2020 |
| Final placement date | 6 months since placement start date |
| Maturity date | 3270 days since placement start date |
Regulatory disclosure
ACRA will assign a credit rating to 002P-01 series bond of Leasing Company Simple Solutions LLC after the final documentation is presented by the Company. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue credit rating against the expected credit rating.
The expected credit rating has been assigned to 002P-01 series bond of Leasing Company Simple Solutions LLC 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 expected credit rating has been assigned to 002P-01 series bond of Leasing Company Simple Solutions LLC for the first time. ACRA will assign the final credit rating within 90 days following the publication date of this press release.
The assigned expected credit rating is based on the data provided by Leasing Company Simple Solutions LLC, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and Leasing Company Simple Solutions LLC participated in its assignment.
No material discrepancies between the provided information and the data officially disclosed by Leasing Company Simple Solutions LLC in its financial statements have been discovered.
ACRA provided no additional services to Leasing Company Simple Solutions LLC. No conflicts of interest were discovered in the course of the expected credit rating assignment.
