Credit rating rationale. The issue is a senior unsecured debt instrument of Pioneer Leasing Ltd. (hereinafter, Pioneer Leasing, or 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. The recovery rate for the bond issue belongs to category II as per ACRA’s methodology. Therefore, the bond issue is assigned the credit rating BB-(RU), i.e. on par with the credit rating of Pioneer Leasing.

The BB-(RU) credit rating of Pioneer Leasing is based on its very weak capital adequacy assessment and satisfactory risk profile assessment. The rating is also affected by the moderately low business profile and satisfactory funding and liquidity assessments.

key issue properties                                                                          


Pioneer Leasing Ltd.

Issuer’s credit rating

ВВ-(RU), outlook Negative

Actual issuer

Pioneer Leasing Ltd.

Type of security

Uncertificated exchange-traded interest-bearing bond, series 01

Type of debt

Senior unsecured

Issue volume

RUB 400 mln





Placement start date

June 7, 2022

Maturity date

April 15, 2032

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

A credit rating has been assigned to the series 01 (RU000A104V00) bond issue of Pioneer Leasing Ltd. for the first time. The credit rating and its outlook are 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 Pioneer Leasing Ltd., information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Pioneer Leasing 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 Pioneer Leasing Ltd. No conflicts of interest were discovered in the course of credit rating assignment.

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