Credit rating withdrawal rationale
ACRA has withdrawn, at the request of PJSC Sovcombank, the credit ratings of the Eurobond (XS2291914971) and the subordinated Eurobond (XS2010043656) (LPNs issued by SovCom Capital D.A.C.). Before the withdrawal, in accordance with ACRA’s methodology, AA-(RU) and A-(RU) credit ratings were affirmed to the abovementioned LPNs, respectively, and the "Rating under revision: developing" status was assigned. The ratings have been withdrawn without their concurrent affirmation.
Regulatory disclosure
The credit ratings were previously assigned to the Eurobonds (XS2291914971 and XS2010043656) 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 of the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The credit ratings of the Eurobond (XS2291914971) and the subordinated Eurobond (XS2010043656) were published by ACRA for the first time on January 25, 2021 and October 25, 2019, respectively.
The credit ratings were assigned based on data provided by PJSC Sovcombank, information from publicly available sources, and ACRA’s own databases. The credit ratings are solicited, and PJSC Sovcombank participated in their assignment.
In assigning the credit ratings, 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 PJSC Sovcombank. No conflicts of interest were identified in the course of credit rating assignment.
