Credit rating rationale. The issue represents senior unsecured debt of JSC “GTLK” (hereinafter, GTLK, or 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 credit rating of the issue is equivalent to that of GTLK, i.e. AA-(RU).

The credit rating of GTLK is based on the very high likelihood of extraordinary support being provided by the state. The Company’s creditworthiness is assessed as high compared to other Russia-based issuers.

KEY ISSUE PROPERTIES

Issuer

JSC “GTLK”

Issuer’s credit rating

АА-(RU), outlook Stable

Actual issuer

JSC “GTLK”

Type of security

Exchange-traded non-convertible interest-bearing uncertificated bond, series 002Р-05

Type of debt

Senior unsecured

Issue volume

CNY 200 mln

ISIN

RU000A108NS2

Registration number

4B02-05-32432-H-002P

Placement date

June 11, 2024

Maturity date

June 9, 2026

Sources: 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 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 series 002Р-05 (RU000A108NS2) bond issue of JSC “GTLK” 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 JSC “GTLK”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and JSC “GTLK” 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 JSC “GTLK”. No conflicts of interest were discovered in the course of credit rating assignment.

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