CREDIT RATING WITHDRAWAL RATIONALE
The expected credit rating of the planned issue of collateralized structured notes with the possibility of early redemption at the request of their holders and partial early redemption at the discretion of SPV Transport infrastructure LLC is based on the absence of plans to refinance part of the syndicated loan for the construction of Central Ring Road 3 due to early repayment of the debt using a different method. Previously, in accordance with ACRA’s methodology, an eAA(RU) expected credit rating was affirmed to the issue. The expected credit rating has been withdrawn without its concurrent affirmation.
REGULATORY DISCLOSURE
The expected credit rating was previously assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Project Finance Instruments and Obligations on the National Scale for the Russian Federation, Methodology for Credit Ratings Assignment to Repackaging Transactions, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The expected rating of the structured notes, which were planned to be issued by SPV Transport infrastructure LLC was published by ACRA for the first time on February 19, 2021.
The expected credit rating was assigned based on data provided by Bank GPB (JSC), information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and Bank GPB (JSC) participated in the rating process.
In assigning the expected 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 Bank GPB (JSC). ACRA provided no additional services to SPV Transport infrastructure LLC. No conflicts of interest were discovered in the course of expected credit rating assignment.
