Credit rating rationale. The following bond issues represent senior unsecured debt of Bank GPB (JSC): series 11 (RU000A0JT6G1), series 12 (RU000A0JT6J5), BO-07 (RU000A0JU7Y9), BO-08 (RU000A0JUMH3), BO-09 (RU000A0JUQ39), BO-10 (RU000A0JUV08), BO-11 (RU000A0JWTK8), BO-20 (RU000A0JV7W2), BO-21 (RU000A0JW9R7), BO-22 (RU000A0JWE56). 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 Bank in terms of priority. According to the ACRA methodology, the credit rating of the issues is equivalent to that of Bank GPB (JSC), i.e. AA(RU).
The credit rating of Bank GPB (JSC) is based on its strong and stable business profile, adequate capital adequacy position, satisfactory liquidity position, and satisfactory risk profile assessment. The rating is additionally supported by critical systemic importance of Bank GPB (JSC) for the Russian financial market.
Key properties of the issues
Borrower/ Actual issuer for all issues is Bank GPB (JSC)
(Issuer’s credit rating is АА(RU), outlook Positive)
1) ISIN / Identification number: RU000A0JT6G1/41100354B
| Type of security | Certified interest-bearing bearer bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | October 18, 2012 / October 10, 2019 |
2) ISIN / Identification number: RU000A0JT6J5/41200354B
| Type of security | Certified interest-bearing bearer bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | October 18, 2012 / October 6, 2022 |
3) ISIN / Identification number: RU000A0JU7Y9/4B020700354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | October 22, 2013 / October 22, 2023 |
4) ISIN / Identification number: RU000A0JUMH3/4B020800354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | May 23, 2014 / May 23, 2024 |
5) ISIN / Identification number: RU000A0JUQ39/4B020900354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | June 27, 2014 / June 27, 2024 |
6) ISIN / Identification number: RU000A0JUV08/4B021000354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | September 26, 2014 / September 26, 2024 |
7) ISIN / Identification number: RU000A0JWTK8/4B021100354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 10 bln |
| Final placement date / maturity date | September 22, 2016 / September 22, 2019 |
8) ISIN / Identification number: RU000A0JV7W2/4B022000354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 5 bln |
| Final placement date / maturity date | February 9, 2015 / February 9, 2018 |
9) ISIN / Identification number: RU000A0JW9R7/4B022100354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 5 bln |
| Final placement date / maturity date | March 18, 2016 / March 18, 2019 |
10) ISIN / Identification number: RU000A0JWE56/4B022200354B
| Type of security | Exchange-traded bond, |
| Issue volume | RUB 5 bln |
| Final placement date / maturity date | April 21, 2016 / April 21, 2019 |
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 Individual Issues of Financial Instruments under the National Scale of the Russian Federation and the Key Concepts Used by Analytical Credit Rating Agency within the Scope of Its Rating Activities.
A credit rating has been assigned to the following bonds of Bank GPB (JSC) for the first time: series 11 (RU000A0JT6G1), series 12 (RU000A0JT6J5), BO-07 (RU000A0JU7Y9), BO-08 (RU000A0JUMH3), BO-09 (RU000A0JUQ39), BO-10 (RU000A0JUV08), BO-11 (RU000A0JWTK8), BO-20 (RU000A0JV7W2), BO-21 (RU000A0JW9R7), BO-22 (RU000A0JWE56). The credit rating is expected to be revised within one year following the rating action date (December 27, 2017).
The assigned credit rating is based on the data provided by Bank GPB (JSC), information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Bank GPB (JSC) participated in its assignment.
No material discrepancies between the provided information and the data officially disclosed by Bank GPB (JSC) in its financial statements have been discovered.
ACRA provided additional services to Bank GPB (JSC). No conflicts of interest were discovered in the course of credit rating assignment.
