ACRA assigns AAA(RU) to bonds issued by JSC “AHML”

Credit rating rationale. The issues detailed below represent senior unsecured debt of JSC “AHML”. 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 Agency in terms of priority. According to the ACRA methodology, the credit rating of the issues is equivalent to that of JSC “AHML”, i.e. AAA(RU).

The credit rating of JSC “AHML” is on par with financial obligations of the Government of the Russian Federation and is related to a very high likelihood of the state providing AHML with extraordinary support in view of its systemic importance for the Russian economy and a determining influence that the government has on its creditworthiness.

Key issue properties

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 Under 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.

A credit rating has been assigned to the BO-06 and BO-07 series bonds of JSC “AHML” for the first time. The credit rating is expected to be revised within one year following the rating action date (October 30, 2017).

The assigned credit rating is based on the data provided by JSC “AHML”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC “AHML” participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by JSC “AHML” in its financial statements have been discovered.

ACRA provided an additional service to JSC “AHML” in the form of informational support (a practical seminar). No conflicts of interest were discovered in the course of credit rating assignment.