ACRA ASSIGNS AAA(RU) TO THE SERIES 003P-10 (RU000A10AC83) EXCHANGE-TRADED BOND ISSUE OF PROMSVYAZBANK PJSC

Credit rating rationale. The issue represents senior unsecured debt of Promsvyazbank PJSC (hereinafter, PSB or 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 the credit rating of the Bank, i.e. AAA(RU).

The Bank’s credit rating at AAA(RU), outlook Stable, reflects PSB’s close ties with the state and its high systemic importance, including in the context of PSB’s status as the only support bank for the country’s defense industry. Based on the combination of the above factors, ACRA believes that the state will provide priority support to PSB if it is urgently needed.

KEY ISSUE PROPERTIES                                                                          

Sources: ACRA, issuer’s data

Regulatory disclosure

The credit rating was assigned to the series 003P-10 (RU000A10AC83) exchange-traded bond issue of Promsvyazbank PJSC under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to 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 series 003P-10 (RU000A10AC83) exchange-traded bond issue of Promsvyazbank 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 was assigned based on data provided by Promsvyazbank PJSC, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited and Promsvyazbank 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 Promsvyazbank PJSC. No conflicts of interest were discovered in the course of credit rating assignment.