CREDIT RATING WITHDRAWAL RATIONALE
The credit rating of the series 003P-09 (RU000A10AT19) bond issue of X5 FINANCE LLC has been withdrawn due to the full redemption of this issue on April 6, 2026. Before the withdrawal, in accordance with ACRA’s methodology, an AAA(RU) credit rating was affirmed to the bond issue, i.e. on par with the credit rating of PJSC X5 Corporate Center.
REGULATORY DISCLOSURE
The credit rating was previously assigned to the issue of X5 FINANCE 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 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, rating scales, models, and key rating assumptions.
The credit rating of the bond issue (ISIN RU000A10AT19) assigned under the national scale for the Russian Federation was published by ACRA for the first time on February 10, 2025.
The credit rating was assigned based on data provided by PJSC X5 Corporate Center, information from publicly available sources, and ACRA’s own databases.
The credit rating is solicited and PJSC X5 Corporate Center 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 the following additional services to PJSC X5 Corporate Center during the year preceding the rating action: assignment of an ESG rating to a company (sovereign/sub-sovereign) from August 1, 2023 to the present.
No conflicts of interest were discovered in the course of credit rating assignment.
