Credit rating rationale. The issue represents senior unsecured debt of State Development Corporation "VEB.RF" (hereinafter, VEB.RF). 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 VEB.RF in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of VEB.RF, i.e. AAA(RU).

The credit rating of VEB.RF is at the level equivalent to the financial obligations of the Government of the Russian Federation based on the very high probability of extraordinary support from the Government due to its very high systemic importance for the Russian economy and the state’s decisive influence on VEB.RF’s creditworthiness. The standalone creditworthiness of VEB.RF is not a factor that affects its credit rating.

Key issue properties

Borrower

VEB.RF

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

VEB.RF

Type of security

Uncertificated non-convertible exchange-traded interest-bearing bond subject to centralized title registration, PBO-002Р-31 series

Type of debt

Senior unsecured

Issue volume

RUB 50 bln

RegS

4B02-01-00004-T-002P

ISIN

RU000A1042W6

Placement start date

November 23, 2021

Maturity date

October 18, 2028

Sources: 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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the PBO-002Р-31 series (ISIN RU000A1042W6) bond issued by VEB.RF 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 data provided by VEB.RF, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and VEB.RF 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 additional services to VEB.RF. No conflicts of interest were discovered in the course of the credit rating assignment.

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