Credit rating rationale. In ACRA’s opinion, the bond issued by the Lipetsk Region listed below is a senior unsecured debt instrument, and its credit rating is equal to the credit rating of the Lipetsk Region (AA(RU)).

Key issue properties

Issue volume

RUB 2.5 bln

ISIN/RegS

- /RU34012LIP0

Placement start date/maturity date

September 22, 2020/September 16, 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 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 the bond (RU34012LIP0) issued by the Lipetsk Region 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 was assigned based on the data provided by the Lipetsk Region. The credit rating is solicited, and the Administration of the Lipetsk Region participated in its assignment.

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

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

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