ACRA ASSIGNS AAA(RU) TO THE SERIES BO-P10 (RU000A106037) BOND ISSUE OF PJSC RUSHYDRO

Credit rating rationale. The issue represents senior unsecured debt of PJSC RusHydro (hereinafter, the Company, the Group, or RusHydro). 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. As per ACRA’s methodology, the credit rating of the issue is on par with that of the Group, i.e. AAA(RU).

The Company’s credit rating stems from both the high level of support from the Russian Federation and the moderate dependence of RusHydro and the state on homogenous risk factors.

The Company’s standalone creditworthiness assessment (SCA) is determined by its importance for the electric power sector of Russia. RusHydro is Russia’s largest hydroelectric power company, which manages 15% of the installed capacity of the entire Russian power system, as well the power infrastructure in the country’s Far East. In addition, the Company demonstrates high business profitability, low leverage, and very high liquidity represented by available credit lines and the size of cash and deposits.

RusHydro is one of the world’s largest public hydroelectric power groups. Its activities are focused on electric and heat energy generation and sales in the wholesale and retail markets of Russia.

key issue properties

Source: ACRA, issuer’s data

regulatory disclosure

The credit rating has been assigned to the series BO-P10 (RU000A106037) bond issue of PJSC RusHydro 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.

A credit rating has been assigned to the BO-P10 (RU000A106037) bond issue of PJSC RusHydro 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 was assigned based on data provided by PJSC RusHydro, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and PJSC RusHydro participated in its assignment.

In assigning the credit rating, 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 PJSC RusHydro. No conflicts of interest were discovered in the course of credit rating assignment.