Credit rating rationale. The issue represents senior unsecured debt of JSC «RN Bank» (hereinafter, 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 in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of the Bank, i.e. AAA(RU).
The credit rating of the Bank is based on the Bank’s standalone creditworthiness assessment (SCA) at 'a+', and the high probability of the Bank receiving necessary shareholder support. The Bank’s SCA is based on the strong capital adequacy and risk profile and adequate liquidity and funding position.
Key issue properties
| Issuer | JSC «RN Bank» |
| Issuer’s credit rating | ААA(RU), outlook Stable |
| Actual issuer | JSC «RN Bank» |
| Type of security | Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, |
| Type of debt | Senior unsecured |
| Issue volume | RUB 8 bln |
| ISIN | RU000A1030Y7 |
| Offer date | April 21, 2021 |
| Maturity date | April 23, 2024 |
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 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 BО-001P-08 series bond issued by JSC «RN Bank» 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 JSC «RN Bank», information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC «RN Bank» participated in its assignment.
In assigning the 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 JSC «RN Bank». No conflicts of interest were discovered in the course of credit rating assignment.
