Credit rating rationale. The issue is a senior unsecured debt instrument of KAMAZ PTC (hereinafter, KAMAZ or the Company). In view of 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 obligations of the Company. According to ACRA’s methodology, the issue’s credit rating is on par with that of the Company — A+(RU).

The credit rating of KAMAZ is based on the Company’s high systemic importance for the Russian economy and high level of state influence (according to ACRA’s methodology). In addition, the Company boasts strong market positions, high-quality corporate governance, strong geographic diversification, very strong liquidity assessment, and medium business profile, size, profitability, cash flow, leverage, and coverage assessments.

KAMAZ is a leader in the Russian heavy-duty truck market. The share of KAMAZ in the market of trucks with gross vehicle weight over 14 tons was 48% in 2020, including 62% in the chassis and custom vehicles segment, 46% in dump trucks, 79% in high-sided trucks, and 33% in tractor units (including 30% in the long-haul tractors).

Key issue properties



Issuer credit rating

А+(RU), outlook Stable

Actual issuer


Type of security

Uncertified non-convertible interest-bearing green bond subject to centralized title registration, BО-P09 series

Issue volume

RUB 2 bln


RU000A1043N3 / 4B02-09-55010-D-001P

Placement start date

November 24, 2021

Maturity date

November 22, 2023

Source: ACRA, issuer's data


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

The credit rating has been assigned to the BO-P09 series bond (RU000A1043N3) issued by KAMAZ PTC 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 KAMAZ PTC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and KAMAZ PTC 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 KAMAZ PTC. No conflicts of interest were identified in the course of credit rating assignment.

We protect the personal data of users and process cookies only to personalize services. You can prevent the processing of cookies in your browser settings. Please read the terms of use of cookies on this website by clicking on more information.