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
|
Borrower |
VEB.RF |
|
Issuer’s credit rating |
AAA(RU), outlook Stable |
|
Actual issuer |
VEB.RF |
|
Type of security |
Uncertificated non-convertible social exchange-traded |
|
Type of debt |
Senior unsecured |
|
Issue volume |
RUB 50 bln |
|
Registration number |
4B02-232-00004-T-002P |
|
ISIN |
RU000A10D9J2 |
|
Placement start date |
October 28, 2025 |
|
Maturity date |
October 23, 2029 |
Sources: ACRA, issuer’s data
REGULATORY DISCLOSURE
The credit rating has been assigned to the bond issue of VEB.RF based on the following methodologies: the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit rating of the bond issue 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 of the bond issue (ISIN RU000A10D9J2) under the national scale for the Russian Federation has been published for the first time.
The credit rating is expected to be revised within one year.
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 the following additional services to VEB.RF: services for assessing debt obligations related to sustainable development indicators, from May 15, 2024 to May 15, 2025; services for assessing the obligations of companies/regions, municipalities and countries for compliance with sustainable development principles, from May 19, 2025 to the present.
No conflicts of interest were discovered in the course of credit rating assignment.
