ACRA ASSIGNS A-(RU) TO THE SERIES 002P-05 (RU000A10B313) BOND ISSUE OF “BRUSNIKA. STROITELSTVO I DEVELOPMENT” LLC

Credit rating rationale. The issue represents senior unsecured debt of “Brusnika. Stroitelstvo i development” LLC (hereinafter, Brusnika or the Company). 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 Company in terms of priority. According to ACRA’s methodology, the recovery rate for the Issuer’s unsecured debt is Category II. Therefore, the credit rating of the issue is A-(RU), i.e. on par with the Company’s credit rating.

The Company’s credit rating is based on its very strong business profile and geographic diversification, high profitability, low leverage, high coverage, and strong liquidity. At the same time, the rating assessment continues to be constrained by the medium assessments of the market position, business size, and cash flow.

Founded in 2004, Brusnika is a developer company focusing on high-quality housing and integrated development of urban areas. The Company is headquartered in Yekaterinburg. The Company’s project portfolio is diversified among 13 regions. According to the Company, the volume of commissioned residential real estate exceeded 486,000 sq. m at the end of 2024. As of the beginning of March 2025, Brusnika ranked seventh in terms of its current construction portfolio according to the Unified Resource of Developers.

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating has been assigned to the series 002P-05 (RU000A10B313) bond issue of “Brusnika. Stroitelstvo i development” LLC 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 002P-05 (RU000A10B313) bond issue of “Brusnika. Stroitelstvo i development” LLC 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 “Brusnika. Stroitelstvo i development” LLC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and “Brusnika. Stroitelstvo i development” LLC 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 no additional services to “Brusnika. Stroitelstvo i development” LLC. No conflicts of interest were discovered in the course of credit rating assignment.