Credit rating rationale. The issue represents senior unsecured debt of Samolet Group PJSC (hereinafter, 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. According to ACRA’s methodology, the recovery rate for unsecured debt belongs to category II, therefore the credit rating of the issue is equivalent to that of the Company, i.e. A-(RU).

The credit rating of the Company reflects its strong business profile, high business profitability, high corporate governance quality, very strong liquidity, very low leverage, high coverage, and large business size. At the same time, the very high industry risk and the very weak assessment of cash flow put pressure on the Company’s credit rating.

Key issue TERMS

Borrower

Samolet Group PJSC

Issuer’s credit rating

A-(RU), outlook Positive

Actual issuer

Samolet Group PJSC

Type of security

Exchange-traded interest-bearing uncertified
non-convertible bond subject to centralized title registration, BO-P12 series

Issue volume

RUB 15 bln

ISIN / RegS

RU000A104YT6 / 4B02-12-16493-A-001P

Placement start date

July 15, 2022

Maturity date

July 11, 2025

Source: 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.

The credit rating has been assigned to the series BO-P12 (RU000A104YT6) bond of Samolet Group PJSC 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 Samolet Group PJSC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Samolet Group PJSC 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 Samolet Group PJSC. No conflicts of interest were identified in the course of the credit rating assignment.

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