Credit rating rationale. The issue represents senior unsecured debt of Setl Group, Ltd (hereinafter, the Company). 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 Company in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of the Company, i.e. A(RU).

The credit rating of the Company reflects its strong market positions and business profile, very low leverage, very high interest coverage, very high profitability, and strong liquidity. At the same time, the rating is constrained by the very high industry risk and the medium level of corporate governance.

Key issue TERMS

Borrower

Setl Group, Ltd

Issuer’s credit rating

A(RU), outlook Stable

Actual issuer

Setl Group, Ltd

Type of security

Exchange-traded interest-bearing uncertified non-convertible bond subject to centralized title registration, series 001Р-04

Issue volume

RUB 7.5 bln

ISIN / RegS

RU000A103WQ8 / 4B02-04-36160-R-001P

Placement start date

October 22, 2021

Maturity date

April 18, 2025

Source: ACRA, issuer’s data

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 for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating has been assigned to the series 001Р-04 (RU000A103WQ8) bond of Setl Group, Ltd 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 is based on data provided by Setl Group, Ltd, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Setl Group, 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 Setl Group, Ltd. No conflicts of interest were discovered in the course of the credit rating assignment.

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