Expected credit rating rationale. Alfa Bond Issuance Plc, an Irish SPV, plans to place an LPN issue and provide proceeds from the issue in full as a loan to JSC “ALFA-BANK” (hereinafter, Alfa-Bank, or the Bank). The issue represents senior unsecured debt of Alfa-Bank. Due to the absence of either structural or contractual subordination of the issue, ACRA ranks it pari passu with other existing and future unsecured and unsubordinated debt obligations of the Bank. According to the ACRA methodology, the expected credit rating of the issue is on par with that of Alfa-Bank and is set to eAA+(RU).

The credit rating of Alfa-Bank is based on its strong business profile, strong capital adequacy, adequate liquidity and funding position, and satisfactory risk profile. The rating is further supported by the Bank’s moderate systemic importance for the Russian financial market.

Key issue terms



Issuer’s credit rating

AА+(RU), outlook Stable

Actual issuer

Alfa Bond Issuance Plc

Type of security

Eurobond (LPN)

Type of debt

Senior unsecured


4–5 years


Regulatory disclosure

ACRA will assign a credit rating to the issue of Eurobonds (14 series LPN, actual issuer: Alfa Bond Issuance Plc) after receiving the final documentation. 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 to the issue of Eurobonds (14 series LPN, actual issuer: Alfa Bond Issuance Plc) 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 of the Russian Federation and the Key Concepts Used by Analytical Credit Rating Agency within the Scope of Its Rating Activities.

An expected credit rating has been assigned to the Eurobonds (actual issuer: Alfa Bond Issuance Plc; 14 series LPN of Alfa Bond Issuance Plc) of JSC “ALFA-BANK” for the first time. ACRA expects to take a next rating action within 180 days following the publication date of this press release.

The expected credit rating was assigned based on data provided by JSC “ALFA-BANK”, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and JSC “ALFA-BANK” 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 JSC “ALFA-BANK”. ACRA provided no additional services to Alfa Bond Issuance Plc. No conflicts of interest were discovered in the course of the expected credit rating assignment.

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