The credit rating of Universal Leasing Company JSC (hereinafter, ULC, or Company) is based on the satisfactory assessment of business profile, adequate assessments of capital adequacy and risk profile, critical assessment of funding, and the satisfactory liquidity position.
The outlook has been changed from Stable to Developing because the Company’s leasing portfolio includes a customer with a high risk of growing overdue payments. The Agency also took into account that this customer may potentially purchase the assets leased from the Company ahead of schedule.
Founded in 2002, ULC is a leader of the leasing market in the Far Eastern Federal District, which share was about 45% of the Company’s portfolio as of September 30, 2025. The Company offers a wide range of leased assets, focusing on the financial lease of commercial vehicles (trucks), special vehicles and equipment for businesses of various scale across various segments of the economy. ULC is actively expanding its presence outside the Far Eastern Federal District and significant shares of the portfolio fall on the Central, North-Western and Siberian Federal Districts (27%, 15% and 10%, respectively, as of September 30, 2025). ULC’s head office is located in Khabarovsk, although the Company is registered in Moscow.
KEY ASSESSMENT FACTORS
Satisfactory assessment of business profile. ULC holds a relatively stable position in the group of medium-sized leasing companies (at the end of 2025, the portfolio volume was about RUB 80 bln). According to the forecast for the end of 2025, the Company’s equity under IFRS amounted to RUB 9 bln. The Company’s portfolio increased by 6% in 2025.
ACRA assesses the portfolio diversification as high: as of September 30, 2025, the largest shares of the portfolio were occupied by construction and special vehicles (27%) and motor transport (27%), while the share of railway transport amounted to 15%. The liquidity of leased assets is generally assessed as rather high. ULC continues to expand its branch network, although the optimization of its operations depends on, among other things, the volume of the new business.
In the Agency’s view, the Company’s shareholding structure is transparent. ULC’s ultimate beneficiary is an individual. The quality of corporate governance and risk management is assessed as satisfactory. At the same time, ACRA notes a high dependence of the Company on the decisions of the managing shareholder who determines and approves the corporate strategy.
Adequate assessment of capital adequacy. ACRA notes the Company’s sustainable ability to generate profits: the average capital generation ratio (ACGR) is about 257 bps. The Agency expects a slight decrease in this indicator for 2025, taking into account dividends paid last year. The capital adequacy ratio (CAR) for 9M 2025 amounted to 17.1%.
Adequate risk profile assessment. ACRA assesses the quality of the leasing portfolio as fairly high. The Company maintains a low volume of non-performing assets: as of September 30, 2025, payments overdue for more than one day (including technical delays) amounted to about 1% of the leasing portfolio. ACRA’s analysis of the leasing portfolio shows that the share of potentially non-performing assets does not exceed 5% of the total amount of anticipated lease payments. The risk profile assessment may worsen due to the growth of potential non-performing share of the portfolio, which is reflected in the Developing outlook. As a year before, ACRA notes the presence of loans granted to companies (their share has remained at about 6% of the equity), while the main share falls on related parties. In addition, the volume of repossessed assets is growing (about 13% of equity as of September 30, 2025 vs. 2% a year ago). The market and operational risks are assessed as insignificant.
ACRA notes an increase in the concentration of the portfolio on the largest clients: on September 30, 2025, the share of the largest group of the Company’s clients accounted for 13% of the portfolio, and the share of the ten largest clients was about 44% (11% and 36%, respectively, on September 30, 2024).
The critical assessment of funding is explained by the very low diversification of the Company’s funding sources. The main sources of funding is bank loans and equity (72% and 17%, respectively, of the balance sheet as of September 30, 2025). The Company borrows loans from numerous banks but ACRA notes the concentration of the resource base on the largest ones: as of September 30, 2024, the share of the five largest banks was 56% of the Company’s liabilities, and the largest lender accounted for 28%. ULC placed a debut issue of bonds last year, and it intends to improve its funding diversification across banks and further bond issues.
The liquidity position is satisfactory because the current liquidity ratio forecasted for the next 12–24 months in ACRA’s base case scenario is about 1.06 (taking into account the anticipated growth of new business and the existing contracts). On the horizon of 12–24 months, no significant one-time repayments is falling due from the Company. The Agency notes the Company’s limited capability to attract emergency liquidity in case of need, although ULC has accumulated a significant reserve of liquid funds on its balance sheet, which reduces the likelihood of such need in the stress scenario.
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 12% in the next 12–18 months.
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The share of non-performing and potentially non-performing assets is less than 5% of the lease portfolio.
potential outlook or rating change factors
The Developing outlook assumes a variety of trends: the credit rating may stay unchanged, be upgraded or downgraded within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Much stronger positions of the Company in the Russian leasing market;
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Much better diversification of funding sources.
A negative rating action may be prompted by:
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Worse quality of the lease portfolio;
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Much lower CAR and/or the Company’s capital generation capacity;
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Higher share of non-core assets on the balance sheet.
rating components
Standalone creditworthiness assessment (SCA): bbb.
Adjustments: none.
Support: no.
issue ratings
No outstanding issues have been rated.
regulatory disclosure
The credit rating has been assigned to Universal Leasing Company JSC 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 Universal Leasing Company JSC 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.
The credit rating of Universal Leasing Company JSC under the national scale for the Russian Federation was published by ACRA for the first time on February 19, 2024.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by Universal Leasing Company JSC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the RAS financial statements of Universal Leasing Company JSC as of September 30, 2025.
The credit rating is solicited, and Universal Leasing Company JSC 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 Universal Leasing Company JSC during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
