Credit rating rationale. In ACRA’s opinion, the bond listed below issued by Moscow is a senior unsecured debt instrument, and its credit rating is equivalent to the credit rating of Moscow, i.e. AAA(RU).

Key issue properties:

Issue volume

RUB 70 bln

ISIN/RegS

RU000A1030S9/RU25072MOS0

Placement start date/maturity date

April 27, 2021/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 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 the government securities (RU000A1030S9) issued by Moscow for the first time. The credit rating is expected to be revised within 182 days following the publication date of this press release as per the Calendar of planned sovereign credit rating revisions and publications.

The credit rating is based on data provided by Moscow. The credit rating is solicited, and the Moscow Government 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 the Moscow Government. No conflicts of interest were discovered in the course of credit rating assignment.

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