Credit rating rationale. The issue represents senior unsecured debt of JSC “ALFA-BANK” (hereinafter – Alfa-Bank, or the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Bank’s in terms of priority. According to the ACRA methodology, the credit rating of the issue is equivalent to that of Alfa-Bank, i.e. AA(RU).

The credit rating of Alfa-Bank is based on its strong and stable business profile, adequate capital and liquidity position, as well as satisfactory risk profile assessment. The rating is additionally supported by the Bank’s moderate systemic importance for the Russian financial market.

Key issue properties

Issuer

JSC “ALFA-BANK”

Issuer’s credit rating / SCA

АА(RU), outlook Stable

Actual issuer

JSC “ALFA-BANK”

Type of security

Certified exchange-traded interest-bearing unregistered bond,
B О -20 series

Issue volume

RUB 5 bln

ISIN RegS

RU000A0JXRV7

Final placement date

May 30, 2017

Maturity date

May 11, 2032

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation and 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 BO-20 series bond of JSC “ALFA-BANK” for the first time. The credit rating is expected to be revised within one year following the rating action date (May 30, 2017).

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

No material discrepancies between the provided data and the data officially disclosed by JSC “ALFA-BANK” in its financial statements have been discovered.

ACRA provided an additional service to JSC “ALFA-BANK” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.

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Analysts

Svetlana Kolomytova
Expert, Financial Institutions Ratings Group
+7 (495) 139 04 80, ext. 221
Suren Asaturov
Director, Financial Institutions Ratings Group
+7 (495) 139 04 80, ext. 130
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