The credit rating of VseInstrumenti.ru LLC (hereinafter, the Company, or VseInstrumenti.ru) has been upgraded in view of an improvement in the Company’s cash flow and liquidity metrics and a decline in the debt due to significant optimization of working capital, lower expenses for investments, and the focus on maintaining the high level of profitability.
The credit rating is based on medium assessments of the Company’s business and market position, as well as the high assessment of corporate governance. The Agency assesses the geographic diversification of the Company as high.
The medium assessment of the financial profile is based on medium scores for the size of the business, leverage, and coverage of interest and rental payments. In ACRA’s opinion, the Company ‘s profitability is high, and the free cash flow (FCF) is strong.
VseInstrumenti.ru is an online hypermarket that sells DIY products (more than 1.8 mln SKUs) in both B2B segment that generates about 75% of revenues and B2C segment as of September 2025. It has a wide chain of order pick-up points in more than 300 cities across Russia.
Key assessment factors
Medium business and market position; very high geographic diversification. The Company’s share in the DIY market (online and offline) is about 2–3%. VseInstrumenti.ru holds top positions in online sales of DIY products, being a leader in a narrow segment, which indicates a medium assessment according to ACRA’s methodology. The Agency views the DIY segment as pro-cyclical due to its pronounced correlation with the housing construction market. At the same time, online sales of DIY goods are growing much faster than the entire market, primarily due to the relatively low share of this sales channel, which mitigates the negative effect of pro-cyclicality for online players and is positive for the Company’s rating. ACRA positively assesses the Company’s brand awareness and client service quality. In addition, in the Agency’s opinion, the Company is characterized by a very high geographic diversification: the VseInstrumenti.ru chain is the largest chain among peer players, and as of September 2025 it operated 1,154 order pick-up points in more than 300 cities of the Russian Federation. The Company demonstrates high diversification by client and supplier. A well-developed infrastructure of distribution centers and order pick-up points and persistent investments in its further expansion ensure a high degree of control over service quality and costs. The Company is on the list of systemically important enterprises.
High assessment of the corporate governance. ACRA positively assesses the Company’s development strategy in terms of both the goals achieved already and the formalization and projections for 2026–2028. The Agency notes that the Company has internal documents regulating the key processes of corporate governance and risk management, as well as a board of directors established in 2024 at Vi.ru PJSC, the holding company of Vseinstrumenti.ru. The information transparency is assessed by the Agency at a high level, as in 2024 the Company started to disclose its financial reports on a quarterly basis. It also discloses updated operational performance metrics and holds regular investor and analyst calls.
Medium assessment of the size of business and high profitability. ACRA expects that the weighted average FFO before fixed charges and taxes for 2023–2028 will amount to 0.67 bps of GDP, which corresponds to the medium score for the size of business as per the Agency’s criteria. The weighted average FFO before fixed charges and taxes margin for 2023–2028 is estimated by ACRA at above 8%, which corresponds to a high level.
Medium leverage and medium coverage of interest and rental payments. The Company’s debt portfolio includes medium-term bond issues. The Company’s debt is denominated in rubles, over 80% of which is raised at floating interest rates. ACRA expects that the weighted average ratio of the Company’s total debt, including rentals, to FFO before fixed charges for 2023–2028 will be 3.7x and the ratio of total debt to FFO before net interest will be 1.2x, resulting in the medium leverage assessment per ACRA’s methodology.
ACRA estimates the overall level of debt coverage as medium. According to the Agency’s estimates, the weighted average ratio of FFO before fixed charges to fixed charges for 2023–2028 may amount to 1.6x and the ratio of FFO before net interest to interest — to 3.2x.
High liquidity and strong FCF. ACRA forecasts a positive weighted average FCF margin for 2026–2028. The current account balances exceeded the short-term debt at the end of 2025, and limits on revolving credit lines were sufficient to cover seasonal needs in working capital. The Company will start to repay its bond issues in H2 2026.
key assumptions
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FFO before fixed charges and taxes margin at 8–9%.
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Sustainability of the recent working capital optimization supporting positive cash flow.
potential outlook or rating change factors
The Stable outlook assumes that the 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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Weighted average FFO before fixed charges exceeding 1.5 bps of GDP and the FFO before fixed charges and taxes margin exceeding 8%;
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Weighted average ratio of FFO before fixed charges to fixed charges exceeding 2.5x.
A negative rating action may be prompted by:
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Weighted average ratio of FFO before fixed charges to fixed charges declining below 1.5x, and weighted average ratio of FFO before net interest to interest declining below 2.5x;
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Weighted average ratio of total debt, adjusted for rentals, to FFO before fixed charges exceeding 5.0x along with worse assessment of liquidity.
Rating components
Standalone creditworthiness assessment (SCA): a.
Support: none.
Issue ratings
VseInstrumenti.ru LLC series 001Р-02 (RU000A109VJ2), maturity date: October 10, 2027, issue volume: RUB 4.5 bln — А(RU).
VseInstrumenti.ru LLC series 001Р-03 (RU000A109VK0), maturity date: April 13, 2027, issue volume: RUB 500 mln — А(RU).
Credit rating rationale. The issues represent senior unsecured debt of VseInstrumenti.ru LLC (hereinafter, VseInstrumenti.ru or the Company). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. In accordance with ACRA’s methodology, when assigning the credit rating to the issues, ACRA applied the detail approach to calculate the recovery rate. The recovery rate for issue belongs to category I, and therefore the credit rating of the issues is equal to the credit rating of the Company and is set at A(RU).
regulatory disclosure
The credit ratings have been assigned to VseInstrumenti.ru LLC and the bond issues of VseInstrumenti.ru LLC based on the following methodologies: the Methodology for Assigning Credit Ratings to Non-Financial Corporations under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of VseInstrumenti.ru LLC under the national scale for the Russian Federation; 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 issues 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 ratings of VseInstrumenti.ru LLC and the bond issues (ISIN RU000A109VJ2, RU000A109VK0) of VseInstrumenti.ru LLC assigned under the national scale for the Russian Federation were published by ACRA for the first time on February 14, 2025, and October 25, 2024, respectively.
The credit rating of VseInstrumenti.ru LLC and its outlook and the credit ratings of the bond issues of VseInstrumenti.ru LLC are expected to be revised within one year.
The credit ratings were assigned based on data provided by VseInstrumenti.ru LLC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of VseInstrumenti.ru LLC as of December 31, 2024.
The credit ratings are solicited and VseInstrumenti.ru LLC 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 VseInstrumenti.ru LLC during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
