Credit rating withdrawal rationale

The withdrawal of the credit rating assigned to RU000A0JTBA3 bond issued by the Krasnodar Krai is caused by full redemption of this bond issue on November 9, 2017 as planned. Previously, according to the ACRA methodology, the credit rating equivalent to that of the Krasnodar Krai has been assigned to this issue, i.e. A(RU). The credit rating is withdrawn without its concurrent affirmation.

Regulatory disclosure

The credit rating has been previously assigned to RU000A0JTBA3 bond issued by the Krasnodar Krai 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 the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

For the first time, the credit rating of RU000A0JTBA3 bond was published by ACRA on October 18, 2017. The rating action to withdraw the assigned credit rating was performed on December 26, 2017. 

The assigned credit rating was based on the data provided by the Krasnodar Krai, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and the Krasnodar Krai participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by the Krasnodar Krai in its financial statements have been discovered.

ACRA provided no additional services to the Krasnodar Krai. No conflicts of interest were discovered in the course of the rating process.

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Analysts

Maxim Pershin
Associate Director, Sovereign and Regional Ratings Group
+7 (495) 139 04 85
Ilya Tsypkin
Expert, Sovereign and Regional Ratings Group
+7 (495) 139 03 45
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