Credit ratings rationale. The bond issues of LLC VIS FINANCE (hereinafter, the Company), a part of VIS Group (JSC), represent, according to ACRA’s methodology, the Company’s senior unsecured debt, which is secured by a joint guarantee from VIS Group (JSC) (hereinafter, the Guarantor). Due to the absence of any guarantees from the key operating companies of VIS Group (JSC), ACRA applied a detailed approach to estimate the rate of recovery. In accordance with such approach and ACRA’s methodology, the recovery rate on the issues belongs to category II, therefore the credit ratings of the issues are equal to the credit rating of the Guarantor, i.e., A(RU).

These issues will not have a significant impact on the Guarantor's leverage or coverage, as the proceeds from the issues will be used to finance the investment stages of transport and social infrastructure construction projects under current concession agreements and PPP agreements, optimize the loan portfolio, and cover bond issue costs. When determining the coverage, ACRA uses indicators of adjusted debt that does not include debt under concession and PPP agreements. This is due to the fact that, according to the terms of the agreements implemented by the Guarantor, the senior (bank) debt and the junior debt (contribution of the concessionaire, private partner) are subject to full compensation if the concession or PPP agreements are terminated early.

The Guarantor is an investment infrastructure holding that has commissioned 98 infrastructure facilities nationwide and currently has one of the largest portfolios of concessions and PPP projects in Russia, including large and significant projects like the construction and operation of the Khabarovsk Bypass Highway, construction and operation of bridges across Kaliningrad Bay and over the Lena River near Yakutsk. 99% of the Guarantor’s shares are owned by I.A. Snegurov.

Key issue properties of the RU000A102VK5 bond


VIS Group (JSC)

Guarantor’s credit rating

A(RU), outlook Stable



Type of security

Uncertified non-convertible guaranteed exchange-traded interest-bearing bond subject to centralized title registration, series BO-P02

Issue volume

RUB 2 bln

ISIN/Reg. No.

RU000A102VK5 / 4B02-02-00554-R-001P

Offer start date

March 26, 2021

Maturity date

March 22, 2024

Key issue properties of the affirmed RU000A102952 bond

Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, series BO-P01 (RU000A102952), maturity date: October 12, 2027, issue volume: RUB 2.5 bln, — A(RU).

Regulatory disclosure

The credit ratings have 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.

The credit rating assigned to the series BO-P01 (RU000A102952) bond issued by LLC VIS FINANCE was published by ACRA for the first time on October 20, 2020. The credit rating is expected to be revised within one year following the publication date of this press release.

A credit rating has been assigned to the series BO-P02 (RU000A102VK5) bond issued by LLC VIS FINANCE  for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

The credit ratings were assigned based on the data provided by VIS Group (JSC), information from publicly available sources, as well as ACRA’s own databases. The credit ratings are solicited, and VIS Group (JSC) participated in their assignment.

No material discrepancies between the provided data and the data officially disclosed by VIS Group (JSC) in its financial statements have been discovered.

ACRA provided no additional services to LLC VIS FINANCE and provided additional services to VIS Group (JSC). No conflicts of interest were discovered in the course of credit rating assignment.

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