Credit rating rationale. The issue represents senior unsecured debt of SINARA TRANSPORTATION (hereinafter, ST 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. As per ACRA’s methodology, to determine the rating of the issue, the detailed approach was used to establish the recovery rate (2nd recovery category) for the senior unsecured debt of STM. Taking into account the recovery rate, the credit rating of the issue is equal to the credit rating of the Company and is set at A(RU).
The credit rating of ST is based on the strong assessments of market position and business profile, as well as high profitability. The medium assessments of business size, geographic diversification, leverage, coverage, and FCF margin have a neutral impact on the rating.
key issue properties
|
Borrower |
SINARA TRANSPORTATION |
|
Issuer’s credit rating |
A(RU), outlook Stable |
|
Actual issuer |
SINARA TRANSPORTATION |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
RUB 5 bln |
|
Registration number |
4B02-05-55323-E-001P |
|
ISIN |
RU000A10B2X0 |
|
Placement date |
March 21, 2025 |
|
Maturity date |
March 11, 2027 |
Sources: ACRA, issuer’s data
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 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 001Р-05 (RU000A10B2X0) bond issue of SINARA TRANSPORTATION 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 SINARA TRANSPORTATION, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and SINARA TRANSPORTATION 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 SINARA TRANSPORTATION. No conflicts of interest were discovered in the course of credit rating assignment.
