Credit rating rationale. The issue represents senior unsecured debt of Alfa-Leasing Ltd. (hereinafter, Alfa-Leasing, or the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to ACRA’s methodology, the recovery rate under unsecured debt belongs to Category II, therefore, the credit rating of the issue is equivalent to that of Alfa-Leasing, i.e. A+(RU).
The credit rating of the Company is based on its adequate standalone creditworthiness and high likelihood of extraordinary support from JSC "ALFA-BANK" (ACRA rating: АА+(RU), outlook Stable).
Key issue terms
| Borrower | Alfa-Leasing Ltd. |
| Issuer’s credit rating | A+(RU), outlook Stable |
| Actual issuer | Alfa-Leasing Ltd. |
| Type of security | Exchange-traded interest-bearing |
| Type of debt | Senior unsecured |
| Issue volume | RUB 1 bln |
| ISIN | RU000A103FT7 |
| Offer date | July 27, 2021 |
| Maturity date | July 28, 2022 |
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 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 Alfa-Leasing Ltd’s RU000A103FT7 bond for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.
The credit rating was assigned based on the data provided by Alfa-Leasing Ltd., information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Alfa-Leasing Ltd. 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 Alfa-Leasing Ltd. No conflicts of interest were discovered in the course of credit rating assignment.
