Credit rating rationale. The issue represents senior unsecured debt of JSCo “RZD” (hereinafter, Russian Railways or the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA ranks it as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. In accordance with ACRA’s methodology, the simplified approach was used, according to which the credit rating of the issue is on par with that of the Company, i.e. AAA(RU).
The credit rating of Russian Railways is on par with the financial obligations of the Government of the Russian Federation due to the very high assessment of support from the state and medium assessment of dependence on homogeneous risk factors.
KEY ISSUE PROPERTIES
|
Borrower |
JSCo “RZD” |
|
Issuer’s credit rating |
AAA(RU), outlook Stable |
|
Actual issuer |
JSCo “RZD” |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
RUB 30 bln |
|
Registration number |
4B02-41-65045-D-001P
|
|
ISIN |
RU000A10B495 |
|
Placement date |
March 20, 2025 |
|
Maturity date |
March 1, 2040 |
Sources: ACRA, issuer’s data
REGULATORY DISCLOSURE
The credit rating has been assigned to the series 001P-41R (RU000A10B495) bond issue of JSCo “RZD” 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.
A credit rating has been assigned to the series 001P-41R (RU000A10B495) bond issue of JSCo “RZD” 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 JSCo “RZD”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and JSCo “RZD” 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 JSCo “RZD”. No conflicts of interest were discovered in the course of credit rating assignment.
