ACRA ASSIGNS AA-(RU) TO THE SERIES 002P-13 (RU000A10F801) BOND ISSUE OF JSC “GTLK”

Credit rating rationale. The issue represents senior unsecured debt of JSC “GTLK” (hereinafter, GTLK or the Company). Due to the absence of either 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. As per ACRA’s methodology, the simplified approach was applied to determine the credit rating, according to which the recovery rate for the issue corresponds to category II, and therefore the credit rating of the issue is equivalent to that of GTLK, i.e. AA-(RU).

The credit rating of GTLK is based on the very high likelihood of extraordinary support being provided by the state. The Company’s creditworthiness is high compared to other Russia-based issuers.

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating has been assigned to the issue of JSC “GTLK” 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.

A credit rating has been assigned to the issue (RU000A10F801) of JSC “GTLK” 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 was assigned based on data provided by JSC “GTLK”, information from publicly available sources, and ACRA’s own databases.

The credit rating is solicited and JSC “GTLK” 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 JSC “GTLK”: assignment of an ESG rating to a company (sovereign/sub-sovereign) from September 2, 2024 to the present; assessment of the obligations of a company/regions, municipalities and countries for compliance with sustainable development principles from October 25, 2024 to the present.

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