ACRA ASSIGNS A-(RU) TO THE SERIES 001P-02 (RU000A109VJ2) AND 001P-03 (RU000A109VK0) BOND ISSUES OF VSEINSTRUMENTI.RU LLC

Credit rating rationale. The issues represent senior unsecured debt of VseInstrumenti.ru LLC (hereinafter, VseInstrumenti.ru or the Company). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. When assigning the credit rating to the issues, ACRA applied the detail approach to calculate the recovery rate. In accordance with ACRA’s methodology, the recovery rate for unsecured debt belongs to category I, and therefore the credit rating of the issues is equal to the credit rating of the Company and is set at A-(RU).

The credit rating of the Company is based on medium assessments of its business profile and market position, as well as a moderately high assessment of corporate governance. The Agency assesses the Company’s geographic diversification as high. The medium assessment of the financial risk profile is based on medium scores for size of business, leverage, and coverage of interest and rental payments.

VseInstrumenti.ru is an online hypermarket that sells DIY products (more than 1.6 mln SKUs) in both the B2B segment that generates 67% of revenues and the B2C segment. It has a wide chain of order pick-up points in more than 300 cities across the Russian Federation.

KEY ISSUE PROPERTIES

1) SERIES 001Р-02

2) SERIES 001Р-03

 Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating has been assigned to the series 001P-02 (RU000A109VJ2) and 001P-03 (RU000A109VK0) bond issues of VseInstrumenti.ru LLC 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 001P-02 (RU000A109VJ2) and 001P-03 (RU000A109VK0) bond issues of VseInstrumenti.ru LLC 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 VseInstrumenti.ru LLC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and VseInstrumenti.ru LLC 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 VseInstrumenti.ru LLC. No conflicts of interest were discovered in the course of credit rating assignment.