The credit rating of Fera LLC (hereinafter, Fera, or the Company) is based on the weak assessment of business profile, satisfactory assessments of capital adequacy, liquidity and funding, and adequate risk profile.
Fera is a small leasing company established in 2021. It leases a wide range of equipment for small and medium-sized enterprises. The Company’s main regions of presence are Moscow and St. Petersburg — about a half of the leasing portfolio.
KEY ASSESSMENT FACTORS
Weak business profile. The assessment reflects the amount of capital (as of July 1, 2025 the equity amounted to RUB 218 mln), as well as the limited scale of operations of the Company, which began its activities relatively recently. Fera works mainly with small checks, focusing on construction, industrial and transport equipment with average levels of liquidity. Fera uses its own IT solutions developed jointly with one of the founders’ companies. This synergy allows Fera to effectively expand its business through a network of suppliers, which are the main source of leasing applications. Despite its very limited competitiveness compared to other leasing companies, Fera manages to occupy prominent positions in certain business segments, in particular in the printing equipment market. The Agency assesses the Company’s strategy at a neutral level as the attainment of its business growth goals will largely depend on the operating environment that will be under pressure from high rates in the near future. ACRA notes that Fera has sufficient capabilities and competencies to refine its IT solutions and further digitalize the sales model. The Company’s ownership structure is assessed as transparent. The main owners are D. S. Kuskov and S. V. Lobanov, each holding a 50% stake in the Company. The assessment of the quality of corporate governance takes into account the limited experience of Fera’s team in the leasing industry and will depend on the Company’s performance. Fera does not prepare reports under international standards.
The satisfactory capitalization assessment is determined primarily by the low capital adequacy ratio, which, as calculated per ACRA’s methodology, was 12.8% as of July 1, 2025.
The averaged capital generation ratio (ACGR) is calculated over three years only (from the founding date of the Company) and is estimated at about 204 bps. The Company has continued to show positive financial performance: as of July 1, 2025 the net profit amounted to RUB 26.9 mln.
The adequate risk profile assessment takes into account the growing share of non-performing and potentially non-performing assets (7% of the leasing portfolio as of July 1, 2025, according to ACRA’s estimates). The concentration on the largest lessees remains relatively low: the portfolio share of assets leased to the ten largest customers was 14.6% as of July 1, 2025.
The assessment of funding has improved to satisfactory due to a gradual decline in the share of borrowed loans (61.5% of the total liabilities as of July 1, 2025 vs. 66.2% for the same period last year). In September 2025 the Company floated its first bond issue. Assuming further issuances, ACRA expects the indicator of funding diversification to improve. At the same time, the Agency notes an increased share of funds from the largest lender / five largest lenders — 42% / 61.5%, respectively, as of July1, 2025. Given that the borrowed funds are mostly provided by the founders and their related companies, ACRA does not apply a negative adjustment to the factor assessment.
Satisfactory liquidity position. In ACRA’s base case scenario, which takes into account the Company’s plans to expand a new business, Fera demonstrates a positive cash reserve over the entire forecast period (the current liquidity ratio exceeds 1.0). The stress scenario that includes conservative assumptions on the growth of losses on contractual cash flows shows a shortage of liquidity (the forecast value of the current liquidity ratio is below 1.0). Nevertheless, this gap can be overcome by adjusting the development plans and the number of new lease agreements.
key assumptions
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Maintaining the current business model in the next 12–18 months.
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CAR at no lower than 9% in the next 12–18 months.
potential outlook or rating change factors
The Stable outlook assumes that the credit 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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Higher diversification of funding sources;
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Wider scale of business, along with improved strategic planning and corporate governance approaches;
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Sustainably growing capital adequacy metrics.
A negative rating action may be prompted by:
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Worse quality of the lease portfolio;
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Higher concentration on the largest funding source;
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Much lower capital generation capacity;
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Worse liquidity position.
rating components
Standalone creditworthiness assessment (SCA): bb+.
Adjustments: none.
issue ratings
No outstanding issues have been rated.
regulatory disclosure
The credit rating has been assigned based on the following methodologies: 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 Fera LLC under the national scale for the Russian Federation; 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 rating of Fera LLC under the national scale for the Russian Federation was published by ACRA for the first time on December 6, 2024.
The credit rating and its outlook are expected to be revised within one year.
The credit rating is assigned based on data provided by Fera LLC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the RAS financial statements of Fera LLC as of June 30, 2025.
The credit rating is solicited, and Fera LLC 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 no additional services to Fera LLC during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
