Credit rating rationale. The issues represent senior unsecured debt of SINARA TRANSPORTATION (hereinafter, the Company, or ST). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as pari passu to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. In accordance with ACRA’s methodology, to determine the rating of the issues, the detailed approach was used to assess the level of reimbursement (2nd reimbursement category) for the unsecured debt of ST. Taking into account the level of reimbursement, the rating of the issues is equal to the credit rating of ST JSC — A(RU) — and is set at A(RU).

The credit rating of the Company is based, on the one hand, on the strong assessments of market position and business profile, as well as high profitability. On the other hand, the medium assessments of business size, geographic diversification, leverage and coverage, as well as FCF margin have a neutral impact on the rating

key issue properties (RU000A1035D0)

Borrower

SINARA TRANSPORTATION

Issuer’s credit rating

A(RU), outlook Negative

Actual issuer

SINARA TRANSPORTATION

Type of security

Exchange-traded interest-bearing non-convertible
uncertificated bonds subject to centralized title registration, series 001P-01

Issue volume

RUB 10 bln

RegS

4B02-01-55323-E-001P

ISIN

RU000A1035D0

Placement date

May 28, 2021

Maturity date

May 24, 2024


Sources: ACRA, issuer’s data

key issue properties (RU000A103G00)

Borrower

SINARA TRANSPORTATION

Issuer’s credit rating

A(RU), outlook Negative

Actual issuer

SINARA TRANSPORTATION

Type of security

Green exchange-traded interest-bearing non-convertible
uncertificated bonds subject to centralized title registration, series 001P-02

Issue volume

RUB 10 bln

RegS

4B02-02-55323-E-001P

ISIN

RU000A103G00

Placement date

July 28, 2021

Maturity date

July 22, 2026

Sources: ACRA, issuer’s data

key issue properties (RU000A105M91)

Borrower

SINARA TRANSPORTATION

Issuer’s credit rating

A(RU), outlook Negative

Actual issuer

SINARA TRANSPORTATION

Type of security

Exchange-traded interest-bearing non-convertible
uncertificated bonds subject to centralized title registration, series 001P-03

Issue volume

RUB 10 bln

RegS

4B02-03-55323-E-001P

ISIN

RU000A105M91

Placement date

December 16, 2022

Maturity date

December 10, 2027

Sources: ACRA, issuer’s data

regulatory disclosure

The credit ratings have been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Financial Instruments under 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.

Credit ratings have been assigned to the series 001Р-01 (RU000A1035D0), 001Р-02 (RU000A103G00) and 001Р-03 (RU000A105M91) bond issues of SINARA TRANSPORTATION for the first time. The credit ratings are expected to be revised within one year following the publication date of this press release.

The credit ratings were assigned based on data provided by SINARA TRANSPORTATION, its IFRS consolidated financial statements, information from publicly available sources, and ACRA’s own databases. The credit ratings are solicited and SINARA TRANSPORTATION participated in their assignment.

In assigning the credit ratings, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to SINARA TRANSPORTATION. No conflicts of interest were discovered in the course of credit rating assignment.

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