ACRA has assigned the status “Rating under review: developing” to the credit ratings of PJSC ROSBANK (hereinafter, ROSBANK or the Bank) and its bond issue due to the Bank publishing a statement on its reorganization via a merger with TBank (ACRA rating AA-(RU), outlook Positive). According to the Bank’s statement, November 21, 2024 is the planned date for submitting an application for making a corresponding entry in the Unified State Register of Legal Entities. Reorganization is planned to be completed in Q1 2025.
The Bank’s current credit rating — AAA(RU) — is based on the high level of its standalone creditworthiness assessment (SCA) and the Bank’s systemic importance, which is determined by the scale of its operations and position in the banking sector.
The assignment of the status “Rating under review: developing” reflects the growth of uncertainty regarding changes to the credit quality of the Bank’s liabilities as a result of the reorganization, which is also related to the possible influence of the reorganization on TBank’s credit rating.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The “Rating under review: developing” status indicates a variety of trends: the rating may stay unchanged or be downgraded.
Removal of the “Rating under review: developing” status and affirmation of the credit rating may be prompted by:
- Maintaining the standalone creditworthiness of the Bank during the reorganization period coupled with significant growth of the creditworthiness of TBank due to its merger with ROSBANK.
Removal of the “Rating under review: developing” status and downgrading the credit rating may be prompted by:
- Lower standalone creditworthiness of ROSBANK during the reorganization period or absence of significant positive influence on the creditworthiness of TBank due to its merger with ROSBANK.
RATING COMPONENTS
SCA: аа.
Adjustments: none.
Systemic importance: two notches added to the SCA.
Support: none.
ISSUE RATINGS
PJSC ROSBANK, BО-003R-01 (RU000A1062L7), maturity date: April 9, 2026, issue volume: RUB 3 bln — ААА(RU).
Rationale. The issue listed above represents senior unsecured debt of the Bank. 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 Bank in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of the Bank, i.e. AAA(RU). The “Rating under review: developing” status has been assigned to the credit rating of the Bank, and therefore the credit rating of the bond issue of the Bank listed above has also been assigned the status “Rating under review: developing”.
REGULATORY DISCLOSURE
The credit ratings of PJSC ROSBANK and the bond issue (ISIN RU000A1062L7) of PJSC ROSBANK have been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Banks and Bank Groups 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. The Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation was also applied to assign the credit rating to the above issue.
The credit rating of PJSC ROSBANK and the credit rating of the bond issue (ISIN RU000A1062L7) of PJSC ROSBANK were published by ACRA for the first time on April 27, 2017 and April 7, 2023, respectively. The credit rating of PJSC ROSBANK and its outlook, as well as the credit rating of the bond issue (ISIN RU000A1062L7), are expected to be revised by May 30, 2025.
The credit ratings were assigned based on data provided by PJSC ROSBANK, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS consolidated financial statements of ROSBANK Group and the financial statements of PJSC ROSBANK drawn up in compliance with the requirements of the Bank of Russia. The credit ratings are solicited and PJSC ROSBANK participated in their assignment.
In assigning the credit ratings, 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 ROSBANK. No conflicts of interest were discovered in the course of credit rating assignment.
