The Watch Status has been assigned to the credit ratings of PJSC “LC “Europlan” (hereinafter, Europlan or the Company) and its bond issues in view of the publication of information regarding the planned acquisition of a majority stake in the Company by JSC “ALFA-BANK” (ACRA rating: AA+(RU), outlook Positive).
The Watch Status reflects the need to obtain additional information about the potential transaction and analyze the impact of this information on Europlan’s activities, its creditworthiness and credit rating.
The credit rating of Europlan continues to be AA(RU), outlook Stable, and the credit ratings of its bond issues continue to be AA(RU).
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Watch Status assumes that a rating action is highly likely on a horizon of up to 12 months.
Removal of Watch Status may be prompted by:
- Receipt of information to clarify the standalone creditworthiness assessment (SCA) and assess potential support from the new majority shareholder. The nature of actions performed in regard to the credit ratings (upgrade, downgrade, or affirmation) will directly depend on this assessment.
RATINGS COMPONENTS
SCA: aa.
Adjustments: none.
ISSUE RATINGS
PJSC “LC “Europlan”, series БО-03 (RU000A100W60), maturity date: September 20, 2029, issue volume: RUB 5 bln — АA(RU).
PJSC “LC “Europlan”, series БО-05 (RU000A1004K1), maturity date: February 14, 2029, issue volume: RUB 3 bln — АA(RU).
PJSC “LC “Europlan”, series BO-06 (RU000A100DG5), maturity date: May 15, 2029, issue volume: RUB 3 bln — АA(RU).
PJSC “LC “Europlan”, series BO-07 (RU000A0JWVL2), maturity date: September 29, 2026, issue volume: RUB 5 bln — АA(RU).
PJSC “LC “Europlan”, series BO-08 (RU000A0ZZBV2), maturity date: June 20, 2028, issue volume: RUB 5 bln — АA(RU).
PJSC “LC “Europlan”, series 001Р-03 (RU000A103KJ8), maturity date: August 8, 2031, issue volume: RUB 7 bln — АA(RU).
PJSC “LC “Europlan”, series 001Р-07 (RU000A108Y86), maturity date: June 24, 2027, issue volume: RUB 12 bln — АA(RU).
PJSC “LC “Europlan”, series 001Р-08 (RU000A10A7C4), maturity date: November 18, 2027, issue volume: RUB 8,5 bln — АA(RU).
PJSC “LC “Europlan”, series 001Р-09 (RU000A10ASC6), maturity date: July 14, 2028, issue volume: RUB 16 bln — АA(RU).
regulatory disclosure
The credit ratings have been assigned to PJSC “LC “Europlan” and the bond issues of PJSC “LC “Europlan” based on the following methodologies: the Methodology for Assigning Credit Ratings to Leasing Companies on the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of PJSC “LC “Europlan” under the national scale for the Russian Federation, Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit ratings of the bond issues 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 to ensure consistent and uniform application of ACRA’s methodologies, models, and key rating assumptions.
The credit ratings of PJSC “LC “Europlan” and the bond issues (ISIN RU000A103KJ8, RU000A100W60, RU000A1004K1, RU000A100DG5, RU000A0ZZBV2) of PJSC “LC “Europlan” were published by ACRA for the first time on December 28, 2017, August 20, 2021, October 2, 2019, February 27, 2019, May 28, 2019, and July 3, 2018, respectively, and withdrawn on June 20, 2023. The credit ratings of PJSC “LC “Europlan” and the bond issues (ISIN RU000A0JWVL2, RU000A108Y86, RU000A10A7C4, RU000A10ASC6) of PJSC “LC “Europlan” were published by ACRA for the first time on October 2, 2024, October 2, 2024, December 3, 2024, and January 31, 2025, respectively.
The credit rating of PJSC “LC “Europlan” and its outlook, as well as the credit ratings of the bond issues (ISIN RU000A103KJ8, RU000A100W60, RU000A1004K1, RU000A100DG5, RU000A0JWVL2, RU000A0ZZBV2, RU000A108Y86, RU000A10A7C4, RU000A10ASC6) of PJSC “LC “Europlan” are expected to be revised by September 18, 2026.
The Watch Status is expected to be retained for the credit ratings for one year.
The credit ratings were assigned based on data provided by PJSC “LC “Europlan”, information from publicly available sources, as well as ACRA’s own databases.
The credit ratings are solicited and PJSC “LC “Europlan” 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 no additional services to PJSC “LC “Europlan” during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
