ACRA ASSIGNS A-(RU) TO THE SERIES 001P-01 (RU000A10DE54) BOND ISSUE OF LID CAPITAL LLC

Credit rating rationale. The offeror of the bond issue of Lid Capital LLC is LIDOIL DMCC (the Company). The issue is a senior unsecured debt of the Company. Due to the absence of 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. The Company’s credit rating under the national scale for the Russian Federation is A-(RU), outlook Stable. As per ACRA’s methodology, the detailed approach was used to determine the credit rating, according to which the recovery rate on the issue corresponds to Category I, and therefore the credit rating of the issue is on par with the Company’s credit rating — A-(RU).

The Company is based in Dubai (UAE) and operates in the commodity trading and sea freight segments. Its credit rating under the international scale is based on medium assessments of the operational profile and cash flow, low leverage and high coverage, as well as a strong assessment of liquidity. The rating is constrained by the low profitability and small size of the Company. The credit rating of the Company under the national scale for the Russian Federation is determined at A-(RU) as per the Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales.

key issue properties

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating has been assigned to the bond issue of Lid Capital LLC 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; 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, rating scales, models, and key rating assumptions.

A credit rating has been assigned to the bond issue (RU000A10DE54) under the national scale for the Russian Federation for the first time.

The credit rating is expected to be revised within one year.

The credit rating is assigned based on data provided by LIDOIL DMCC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of LIDOIL DMCC as of December 31, 2024.

The credit rating is solicited and LIDOIL DMCC 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 LIDOIL DMCC during the year preceding the rating action.

No conflicts of interest were discovered in the course of credit rating assignment.