The credit rating of SIMPLE SOLUTIONS CAPITAL JSC (hereinafter, SSCap or the Group) is based on the satisfactory assessments of the business profile, risk profile and liquidity, weak assessment of capital adequacy, as well as the strong funding assessment.
SSCap is a multi-industry investment holding company, the main asset of which is Simple solutions Leasing company LLC (hereinafter, SSLC; ACRA credit rating BBB+(RU), outlook Stable). According to the IFRS reporting, the assets of SSLC amounted to most of the Group’s assets as of December 31, 2024. In addition to SSLC and its subsidiary leasing company Simple solutions Leasing LLC, SSCap includes Simple solutions Factoring company LLC and a number of non-financial companies. The ultimate owner of the Group is an individual associated with its management.
KEY ASSESSMENT FACTORS
Satisfactory business profile assessment. The Group’s equity amounted to RUB 898 mln as of December 31, 2024, while the lease portfolio amounted to RUB 14.2 bln. The growth rate of SSCap’s lease portfolio over 2024 amounted to 23%. In 2025, the lease portfolio is expected to grow further due to, among other things, the acquisition of the assets of UniCredit Leasing LLC.
ACRA notes the high diversification of the Group’s business, which is present in all of the country’s federal districts. As of December 31, 2024, SSCap’s portfolio was dominated by passenger and freight transport (29%), road construction equipment (7%), and special equipment (8%); in general, various types of equipment accounted for around 36% of the portfolio, and the largest segments in it were metallurgical equipment and oil production and refinery equipment (16% and 8% of the total portfolio, respectively). As of the first half of this year, more than half of the acquired portfolio consisted of railway equipment; the portfolio also includes transport and special equipment. ACRA assesses the liquidity of leased assets as satisfactory.
The Agency assesses corporate governance and the ownership structure as medium.
Weak assessment of capital adequacy. The capital adequacy ratio (CAR) calculated according to ACRA’s methodology amounted to 7.9% by the end of 2024. The averaged capital generation ratio (ACGR) for the past five years is estimated at 165 bps (vs. 190 bps a year earlier). Capital adequacy and capital generation metrics are expected to further decline in 2025.
Satisfactory risk profile assessment. Contracts with overdue and restructured receivables, which were previously virtually absent in the Group’s leasing portfolio, appeared in it by December 31, 2024. The share of potentially non-performing assets calculated according to ACRA’s methodology slightly exceeded 5%. The Agency has maintained its assessment of the leasing portfolio quality at a high level, since the acquisition of a portfolio in which there is practically no overdue receivables contributes to an improvement in the level of potentially non-performing assets of the Group, which falls below 5%. According to ACRA’s estimates, the credit quality of the largest lessees remains quite high.
The lease portfolio concentration is assessed as medium — the share of the 10 largest clients amounted to 39% as of December 31, 2024. ACRA notes that the portfolio concentration on the largest client and the 10 largest clients grew in H1 2025, which is explained by the specifics of the acquired portfolio. The Agency also does not see any significant market or operating risks for the Group. Assets of the Group’s agricultural sector project that are at the investment stage have a negative impact on SSCap’s risk profile.
Strong funding assessment. Given the issuers’ lower willingness to issue bonds in the current economic conditions, the share of bank loans in funding is growing: as of December 31, 2024, it amounted to about 58% of liabilities. The share of the largest lender on the same date was equal to 9% of liabilities, the five largest — 32%. The Group also actively uses bond market instruments: currently, there are four outstanding bond issues totaling more than RUB 2.5 bln. ACRA highly assesses the Group’s presence in the securities market: it has extensive experience in bond issuances and has actively used this source of funding under more favorable conditions. SSCap plans to resume issuing bonds in the event of monetary policy easing.
Satisfactory liquidity position. Under the base case scenario, which takes into account plans to develop new business, the Group demonstrates positive cash reserves at the end of each quarter for the next 12–24 months (the projected current liquidity ratio exceeds 1.0). A liquidity shortage is possible under the stress scenario, however, it can be overcome through operational management of cash flows by adjusting the number of new lease contracts.
KEY ASSUMPTIONS
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Maintaining the Group’s current business model over the next 12–18 months.
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Share of lease contracts with overdue payments at below 5%.
potential outlook or rating change factors
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Strengthening of the Group’s position in the Russian leasing market;
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CAR exceeding 9%.
A negative rating action may be prompted by:
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CAR declining due to rapid growth of business;
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Higher share of non-core assets on the Group’s balance sheet;
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Lower quality of the lease portfolio;
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Lower diversification of funding sources;
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Deterioration of liquidity position.
rating components
Standalone creditworthiness assessment (SCA): bbb-.
Adjustments: none.
issue ratings
SIMPLE SOLUTIONS CAPITAL JSC, series 001Р-01 bond (ISIN RU000A107SG8), maturity date: December 24, 2033, issue volume: RUB 500 mln — BBB-(RU).
Rationale. The issue is a senior unsecured debt instrument of SSCap. Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. According to ACRA’s methodology, the issue’s credit rating is on par with that of SSCap — BBB-(RU).
REGULATORY DISCLOSURE
The credit ratings have been assigned to SIMPLE SOLUTIONS CAPITAL JSC and the bond issue of SIMPLE SOLUTIONS CAPITAL JSC (ISIN RU000A107SG8) under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Leasing Companies on 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. The Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation was also applied to assign a credit rating to the abovementioned bond issue.
The credit ratings of SIMPLE SOLUTIONS CAPITAL JSC and the bond issue of SIMPLE SOLUTIONS CAPITAL JSC (ISIN RU000A107SG8) were published by ACRA for the first time on October 22, 2026 and October 23, 2024, respectively. The credit rating of SIMPLE SOLUTIONS CAPITAL JSC and its outlook and the credit rating of the bond issue of SIMPLE SOLUTIONS CAPITAL JSC (ISIN RU000A107SG8) are expected to be revised within one year following the publication date of this press release.
The credit ratings were assigned based on data provided by SIMPLE SOLUTIONS CAPITAL JSC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements and RAS financial statements of SIMPLE SOLUTIONS CAPITAL JSC. The credit ratings are solicited and SIMPLE SOLUTIONS CAPITAL JSC participated in their assignment.
In assigning the credit ratings, 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 SIMPLE SOLUTIONS CAPITAL JSC. No conflicts of interest were discovered in the course of credit rating assignment.
