ACRA ASSIGNS A+(RU) TO THE BOND ISSUE (RU000A107RZ0) OF SAMOLET GROUP PJSC

Credit rating rationale. The bond is a senior unsecured debt instrument of Samolet Group PJSC (hereinafter, the Company, Samolet, or the Group). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to ACRA’s methodology, the recovery rate for unsecured debt belongs to category I, therefore the credit rating of the issue is equivalent to that of the Company, i.e. A+(RU).

The credit rating of the Company is based on very strong assessments of geographic diversification and liquidity, very high profitability, very low leverage, very high coverage, high assessments of business profile and corporate governance. The rating is constrained by the very high industry risk (residential construction) and the medium cash flow assessment.

Samolet is a leader of the real estate market in the Moscow Region and the New Moscow District. Most of the Group's projects are integrated development projects. According to the Unified Registry of Developers as of February 1, 2024, the Company’s current construction portfolio amounts to 5.47 mln sq. m (first place in Russia).

Key issue TERMS

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 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-P13 bond (RU000A107RZ0) 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 were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to Samolet Group PJSC. No conflicts of interest were identified in the course of the credit rating assignment.