Credit rating withdrawal rationale

ACRA has withdrawn its BB+(RU) credit rating, outlook Stable, previously assigned to Brunswick Rail Limited due to the expiration of the contract between ACRA and Brunswick Rail Limited. The rating has been withdrawn without its concurrent affirmation, as ACRA does not possess sufficient information about the financial standing and operations of Brunswick Rail Limited.

Regulatory disclosure

The credit rating was previously assigned to Brunswick Rail Limited under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Leasing Companies on the National Scale for the Russian Federation, Methodology for Analyzing Member Company Relationships Within Corporate Groups, and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

The credit rating of Brunswick Rail Limited was published by ACRA for the first time on April 30, 2020.

The credit rating was assigned based on the data provided by Brunswick Rail Limited, information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using the IFRS consolidated statements of BRG Holding Limited (Cyprus) and the statements of Brunswick Rail Limited drawn up in compliance with RAS. The credit rating is solicited, and Brunswick Rail Limited 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 Brunswick Rail Limited. No conflicts of interest were discovered in the course of credit rating assignment.

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Alla Borisova
Associate Director, Financial Institutions Ratings Group
+7 (495) 139 04 80, ext. 153
Alexey Bredikhin
Director, Financial Institutions Ratings Group
+7 (495) 139 04 83
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