Expected credit rating rationale. The issue represents senior unsecured debt of “Brusnika. Stroitelstvo i development” LLC (hereinafter, the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. According to ACRA’s methodology, the reimbursement rate for the Issuer’s unsecured debt qualifies for Category I. Therefore, the bond issue is rated eA-(RU), i.e. on par with the Company.

The Company’s credit rating is based on its strong business profile, very strong geographic diversification, very high profitability, very low leverage, very high coverage, and strong liquidity. Medium market position and company size assessments as well below medium cash flow assessment are holding back the Company’s rating.

Key issue properties

Issuer

“Brusnika. Stroitelstvo i development” LLC

Issuer’s credit rating

A-(RU), outlook Stable

Actual issuer

“Brusnika. Stroitelstvo i development” LLC

Type of security

Uncertified exchange-traded interest-bearing non-convertible bonds subject to a centralized title registration, 001P-02 series

Issue volume

RUB 6 bln

Reg No.

4B02-02-00492-R-001P

Placement start date

April 5, 2021

Maturity date

April 1, 2024

Regulatory disclosure

ACRA will assign a credit rating to the series 001P-02 bond issue after the final documentation is presented by “Brusnika. Stroitelstvo i development” LLC. 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 on 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 expected credit rating has been assigned to the series 001P-02 bond to be issued by “Brusnika. Stroitelstvo i development” LLC for the first time. ACRA will assign the final credit rating within 180 days following the publication date of this press release.

The expected credit rating is based on the data provided by “Brusnika. Stroitelstvo i development” LLC, information from publicly available sources, as well as ACRA’s own databases. The expected credit rating is solicited, and “Brusnika. Stroitelstvo i development” LLC participated in its assignment.

In assigning the expected credit rating, ACRA used only information, the quality and reliability of which was, in ACRA's opinion, appropriate and sufficient to apply the methodologies.

ACRA provided no additional services to “Brusnika. Stroitelstvo i development” LLC. No conflicts of interest were discovered in the course of credit rating assignment.

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