Credit rating rationale. The issue represents senior unsecured debt of JSC “GLORAX” (hereinafter, 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. In accordance with ACRA’s methodology, the recovery rate for unsecured debt is determined as category II, and therefore the credit rating of the issue is equal to the Company’s credit rating, i.e. BBB-(RU).
The Company’s credit rating is based on the medium leverage, strong liquidity, medium cash flow, high interest coverage, and the medium market position. The Company’s rating is constrained by very high industry risk and a below-medium assessment of business size.
key issue properties
|
Borrower |
JSC “GLORAX” |
|
Issuer’s credit rating |
BBB-(RU), outlook Positive |
|
Actual issuer |
JSC “GLORAX” |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
RUB 2.2 bln |
|
ISIN |
RU000A10B9Q9 |
|
Placement start date |
April 9, 2025 |
|
Maturity date |
March 24, 2028 |
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 001P-04 (RU000A10B9Q9) bond issue of JSC “GLORAX” 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 JSC “GLORAX”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and JSC “GLORAX” 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 JSC “GLORAX”. No conflicts of interest were discovered in the course of credit rating assignment.
