ACRA ASSIGNS eA(RU) TO THE 001Р-06 SERIES BOND ISSUE OF LLC “MV FINANCE”

Expected credit rating rationale. LLC “MVM” (hereinafter, MVM, or the Company; ACRA rating A(RU), outlook Stable) acts as the guarantor for this bond issue of LLC “MV FINANCE”. The issue represents senior unsecured debt of the Company. In view of 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 Company in terms of priority. ACRA applied the detailed approach to calculating the recovery of losses when assigning the expected credit rating to the issue. In accordance with ACRA’s methodology, the recovery rate for the unsecured debt belongs to category II, therefore, the expected credit rating of the issue is equivalent to that of the Company and is set at eA(RU).

MVM is the main operating company of PJSC “M.Video” (hereinafter, the Group; ACRA rating — A(RU), outlook Stable). The Group is one of the key players in the Russian retail market of household appliances and consumer electronics. As of December 31, 2024, the Group’s retail chain included over 1,200 stores.

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

ACRA will assign a credit rating to the series 001P-06 bond issue of LLC “MV FINANCE” after the final documentation is presented. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue’s credit rating against the expected credit rating.

The expected credit rating has been assigned to the series 001P-06 bond issue of LLC “MV FINANCE” 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.

An expected credit rating has been assigned to the series 001P-06 bond issue of LLC “MV FINANCE” for the first time. The next rating action is expected within one year following the publication date of this press release.

The expected credit rating was assigned based on data provided by LLC “MVM” and PJSC “M.Video”, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited and LLC “MVM” and PJSC “M.Video” participated in its assignment.

In assigning the expected 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 no additional services to PJSC “M.Video”, LLC “MV FINANCE”, and LLC “MVM”. No conflicts of interest were discovered in the course of the expected credit rating assignment.