Credit rating rationale. In ACRA’s opinion, the below bonds issued by the Lipetsk Region are senior unsecured instruments, and their credit rating is equal to the rating assigned to the Lipetsk Region.

Key issue properties

1) RegS / ISIN: RU35008LIP0 / RU000A0JTVZ8

Issue volume / outstanding

RUB bln / RUB 2.25 bln

Issue date

April 26, 2013

2) RegS / ISIN: RU34009LIP0 / RU000A0JUNK5

Issue volume / outstanding

RUB 5 bln / RUB 2.5 bln

Issue date

June 10, 2014

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 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.

A credit rating has been assigned to the bonds of the Lipetsk Region for the first time. The credit rating is expected to be revised within 182 days following the rating action date (July 11, 2017).

The assigned credit rating is based on the data provided by the Lipetsk Region. The credit rating is solicited, and the Lipetsk Region participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by the Lipetsk Region in its financial statements have been discovered.

ACRA provided no additional services to the Lipetsk Region. No conflicts of interest were discovered in the course of credit rating assignment.

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Analysts

Ilya Tsypkin
Senior Analyst, Sub-sovereign Ratings Group
+7 (495) 139 03 45
Elena Anisimova
Senior Director - Head of Sub-sovereign Ratings Group
+7 (495) 139 04 86
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