ACRA ASSIGNS AAA(RU) TO THE RU000A10B8D9 BOND ISSUE OF VEB.RF

Credit rating rationale. The issue represents senior unsecured debt of State Development Corporation “VEB.RF” (hereinafter, VEB.RF). 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 VEB.RF in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of VEB.RF, i.e. AAA(RU).

The credit rating of VEB.RF is at the level equivalent to the credit rating of the financial obligations of the Government of the Russian Federation under the national scale, which reflects the very high likelihood of extraordinary support from the Government. The standalone creditworthiness of VEB.RF is not a factor that affects its credit rating.

KEY ISSUE PROPERTIES                                                                          

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 PBO-002Р-50 (ISIN RU000A10B8D9) bond issue of VEB.RF 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 VEB.RF, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and VEB.RF 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 VEB.RF. No conflicts of interest were discovered in the course of credit rating assignment.