The credit rating of RESO-LEASING (hereinafter, RESO-LEASING or the Company) is based on the strong assessments of business profile and risk profile, adequate assessments of capital adequacy and funding, and satisfactory liquidity position.
The outlook has been changed to Developing taking into account the Company’s active efforts aimed at reduction of repossessed assets held on the balance sheet; the share of such assets is growing, putting pressure on asset quality, and, in case the abovementioned efforts turn out to be insufficiently effective, the risk profile assessment may be lowered.
RESO-LEASING is a leasing company that provides financial leasing services in the passenger and freight vehicle segments, as well as financial leasing of special equipment. The Company is headquartered in Moscow and has a wide network of offices throughout Russia. The main clients are small and medium-sized enterprises.
KEY ASSESSMENT FACTORS
The Company’s strong business profile assessment is determined by its position in the Russian leasing market. RESO-LEASING is one of the leading private companies in the segment of leasing passenger and freight vehicles, as well as special equipment. The Company’s equity amounted to RUB 28.4 bln as of September 30, 2025. The Company’s lease portfolio declined by 30% in 2025 to RUB 158 bln.
The lease portfolio is concentrated on passenger and freight vehicles (85% as of September 30, 2025), as well as on construction and road construction equipment (9.6% of the portfolio). In mid-2025, the Company shifted its focus toward more liquid lease assets within passenger and light commercial vehicle segments. The weighted average liquidity of leased property is high. ACRA notes the high regional diversification of the Company’s business, and sufficiently high diversification in terms of suppliers, as well as in terms of the regions of operation of RESO-LEASING’s counterparties.
ACRA assesses the corporate governance and ownership structure as strong; the validity of this assessment is confirmed by the long-term results of the Company’s activities, including high capitalization and stable business profitability. The Agency positively views the Company’s information transparency, as RESO-LEASING regularly publishes reporting that meets international standards, as well as additional information and management information for investors.
Adequate capital adequacy assessment. The capital adequacy ratio (CAR) calculated according to ACRA’s methodology was 20.2% as of September 30, 2025 vs. 18.1% a year earlier. By the end of 2025, the CAR retained its positive trend and amounted to 21.2%. Given the moderate forecast for the new business growth in 2026, the Company’s capitalization is expected to increase further. The absence of dividend payments in 2025 allowed the Company to maintain the averaged capital generation ratio (ACGR) at a fairly high level regardless a fall in profits last year. The five-year average ACGR (including 2025) is around 194 bps.
The strong risk profile assessment stems from the low concentration of risks of the lease portfolio — the share of the 10 largest clients was about 4% as of September 30, 2025. Such a strong portfolio diversification is typical for the Company’s business profile.
ACRA notes that the quality of the Company’s portfolio has declined, which also contributes to the increase in the volume of repossessed equipment and assets under terminated financial lease contacts on the Company’s balance sheet that continued in 2025. The ratio of IFRS 9 Stage 3 assets to net investments in leasing as of September 30, 2025 was 1.8% vs. 1.3% a year earlier, while share of customers overdue for 90+ days in the lease portfolio was 3% vs. 1.8% a year earlier. ACRA maintained the strong assessment of the business profile, ACRA takes into account the Company’s expectations for the decrease in repossessed assets, which is based on a range of relevant measures. The likelihood of lowering the risk profile assessment in case of inefficiency of such measures and corresponding influence on the Company’s rating is reflected in the credit rating outlook. Market and operational risks are insignificant. Currency risk is practically absent due to the cease of the operations of the subsidiary in Belarus.
Adequate funding assessment. The largest source of funding is currently bonds, which accounted for around 54% of liabilities as of September 30, 2025 (52% as of December 31, 2025). The Company currently has 15 outstanding bond issues with the initial total of RUB 90.4 bln; as of December 31, 2025, the outstanding amount of these issues was approximately RUB 68 bln. The share of loans amounted to 20% at the end of 2025.
Satisfactory liquidity position. The Company maintains a positive reserve of cash as of the end of each quarter for the next 12 to 24 months (the projected current liquidity ratio over a 24-month horizon is approximately 1.0). In the stress scenario, RESO-LEASING demonstrates a moderate need for urgent liquidity, which may be covered through operational management of cash flows by adjusting the number of new lease contracts. A significant reserve of cash accumulated in the Company’s balance sheet pushes down the likelihood of the need to raise extraordinary liquidity; in addition, RESO-LEASING is able to obtain bank financing using a significant volume of available limits.
key assumptions
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Maintaining the current business model over the next 12 to 18 months;
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CAR at no lower than 18% over the next 12 to 18 months;
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Share of non-performing and potential non-performing assets in the lease portfolio at below 5%.
potential outlook or rating change factors
The Developing outlook assumes a variety of trends within the 12 to 18-month horizon: the rating may stay unchanged, be upgraded or downgraded.
A positive rating action may be prompted by:
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Better position in liquidity;
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Strong growth of the Company’s business profitability and capital generation.
A negative rating action may be prompted by:
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Persistently high share of repossessed assets in the Company’s balance sheet;
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Significant deterioration of the Company’s financial standing;
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Significant deterioration of the lease portfolio quality;
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Worse position in liquidity;
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Much lower CAR and/or the Company’s ability to generate capital due to active growth of business, dividend payments or higher cost of risk.
rating components
Standalone creditworthiness assessment (SCA): аа-.
issue ratings
RESO-LEASING, series BO-05 (RU000A0JWVT5), maturity date: October 02, 2026, issue volume: RUB 3 bln — АA-(RU).
RESO-LEASING, series BO-P-01 (RU000A1035H1), maturity date: May 19, 2031, issue volume: RUB 3 bln — АA-(RU).
RESO-LEASING, series BO-P-08 (RU000A102K39), maturity date: December 09, 2030, issue volume: RUB 5 bln — АA-(RU).
RESO-LEASING, series BO-P-09 (RU000A106GH3), maturity date: June 21, 2033, issue volume: RUB 8 bln — АA-(RU).
RESO-LEASING, series BO-P-11 (RU000A103C53), maturity date: June 20, 2031, issue volume: RUB 7 bln — АA-(RU).
RESO-LEASING, series BO-P-16 (RU000A10AV23), maturity date: December 23, 2034, issue volume: RUB 5 bln — АA-(RU).
RESO-LEASING, series BO-P-22 (RU000A106DP3), maturity date: June 03, 2033, issue volume: RUB 14.5 bln — АA-(RU).
RESO-LEASING, series BO-P-23 (RU000A10AHC9), maturity date: November 04, 2034, issue volume: RUB 5 bln — АA-(RU).
RESO-LEASING, series BO-02P-01 (RU000A104V26), maturity date: June 02, 2026, issue volume: RUB 9 bln — АA-(RU).
RESO-LEASING, series BO-02P-02 (RU000A105HH3), maturity date: November 15, 2032, issue volume: RUB 6 bln — АA-(RU).
RESO-LEASING, series BO-02P-05 (RU000A1075J3), maturity date: October 19, 2033, issue volume: RUB 11 bln — АA-(RU).
RESO-LEASING, series BO-P-25 (RU000A108C74), maturity date: March 05, 2034, issue volume: RUB 5 bln — АA-(RU).
RESO-LEASING, series BO-P-26 (RU000A108UR9), maturity date: June 16, 2034, issue volume: RUB 3 bln — АA-(RU).
RESO-LEASING, series BO-P-27 (RU000A1090M6), maturity date: July 12, 2026, issue volume: RUB 0.1 bln — АA-(RU).
RESO-LEASING, series BO-P-29 (RU000A10E1Z4), maturity date: November 04, 2035, issue volume: RUB 5.8 bln — АA-(RU).
Rationale. The issues listed above represent senior unsecured debt of RESO-LEASING. 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. As per ACRA’s methodology, the simplified rating approach is applicable, according to which the recovery rate on the issues belongs to category II, and therefore the credit rating of the issues is equivalent to that of the Company, i.e. AA-(RU).
REGULATORY DISCLOSURE
The credit ratings have been assigned to RESO-LEASING and the bond issues of RESO-LEASING based on the following methodologies: the Methodology for Assigning Credit Ratings to Leasing Companies under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of RESO-LEASING under the national scale for the Russian Federation; the Methodology for Assigning Credit Ratings to Financial Instruments on 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 rating of RESO-LEASING assigned under the national scale for the Russian Federation was published by ACRA for the first time on May 20, 2025. The credit ratings assigned to the bond issues of RESO-LEASING under the national scale for the Russian Federation were published for the first time: (ISIN RU000A0JWVT5, ISIN RU000A1035H1, ISIN RU000A102K39, ISIN RU000A106GH3, ISIN RU000A103C53, ISIN RU000A10AV23, ISIN RU000A106DP3, ISIN RU000A10AHC9, ISIN RU000A104V26, ISIN RU000A105HH3, ISIN RU000A1075J3, ISIN RU000A108C74, ISIN RU000A108UR9, ISIN RU000A1090M6) — May 20, 2025, (ISIN RU000A10E1Z4) — Dec. 26, 2025.
The most recent publication date of the credit rating of RESO-LEASING is May 20, 2025.
The most recent publication date of the credit ratings of the bond issues of RESO-LEASING: (ISIN RU000A0JWVT5, ISIN RU000A1035H1, ISIN RU000A102K39, ISIN RU000A106GH3, ISIN RU000A103C53, ISIN RU000A10AV23, ISIN RU000A106DP3, ISIN RU000A10AHC9, ISIN RU000A104V26, ISIN RU000A105HH3, ISIN RU000A1075J3, ISIN RU000A108C74, ISIN RU000A108UR9, ISIN RU000A1090M6) — May 20, 2025, (ISIN RU000A10E1Z4) — Dec. 26, 2025.
The credit ratings and credit rating outlook are expected to be revised within one year.
The credit ratings were assigned based on data provided by RESO-LEASING, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS and RAS financial statements of RESO-LEASING as of September 30, 2025.
The credit ratings are solicited and RESO-LEASING 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 RESO-LEASING during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
