Uncertified exchange-traded interest-bearing non-convertible bond subject to centralized title registration, 003P-05 series

Expected credit rating rationale. The issue represents senior unsecured debt of Promsvyazbank PJSC (hereinafter, PSB or 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 expected credit rating of the issue is equivalent to the credit rating of the Bank, i.e. eAA(RU).

The credit rating of the Bank is based on its high systemic importance, which stems from its status as Russia’s key defense industry bank and the very strong state influence on its creditworthiness. The standalone creditworthiness assessment of PSB reflects its moderately strong business profile, adequate capital adequacy, low risk profile assessment, and adequate funding and liquidity position.

Key issue properties

Regulatory disclosure

ACRA will assign a credit rating to the 003P-05 series bond after the final documentation is presented by Promsvyazbank PJSC. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue’s credit rating against the expected credit rating.

The expected 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.

An expected credit rating has been assigned to the 003P-05 series bond of Promsvyazbank PJSC for the first time. The next rating action is expected within 180 days following the publication date of this press release.

The expected credit rating is based on the data provided by Promsvyazbank PJSC, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and Promsvyazbank PJSC 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 additional services to Promsvyazbank PJSC. No conflicts of interest were discovered in the course of the expected credit rating assignment.