Credit rating rationale as regards to the bonds issued by “TransFin-M” PC (hereinafter, TransFin-M, or the Company). Based on the results of a risk assessment of bondholders’ (002Р-01 series (ISIN RU000A101EN7) and 002Р-02 series (ISIN RU000A101Q34)) losses, the reimbursement rate for the debt corresponds to category II as per ACRA’s methodology. Hence, the bond issues are assigned the credit rating BBB+(RU), i. e. on par with the credit rating of TransFin-M.

The credit rating of TransFin-M at BBB+(RU) is based on its adequate business profile and capital adequacy assessments, strong risk profile, and satisfactory liquidity and funding position. Compared to other Russia-based issuers, the Company’s creditworthiness is assessed as moderate.

Key issue properties

Borrower

“TransFin-M” PC

Issuer’s credit rating

BBB+(RU), outlook Stable

Actual issuer

“TransFin-M” PC

Type of security

Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, 002Р-01 series

Issue volume

RUB 48.66 bln

ISIN

RU000A101EN7

Final placement date

February 13, 2020

Maturity date

February 4, 2027

 

Borrower

“TransFin-M” PC

Issuer’s credit rating

BBB+(RU), outlook Stable

Actual issuer

“TransFin-M” PC

Type of security

Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, 002Р-02 series

Issue volume

RUB 4.1 bln

ISIN

RU000A101Q34

Final placement date

May 27, 2020

Maturity date

February 4, 2027

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 on 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 002Р-01 series and 002Р-02 series bonds issued by “TransFin-M” PC for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

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

No material discrepancies between the provided data and the data officially disclosed by “TransFin-M” PC in its financial statements have been discovered.

ACRA provided additional services to “Transfin-M” PC. No conflicts of interest were discovered in the course of credit rating assignment.

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