The credit rating of PJSC «LC «Europlan» (hereinafter, Europlan, or the Company) is based on the strong assessments of business profile and funding, and adequate assessments of risk profile, capital adequacy, and liquidity.
Having analyzed the impact of the change of the majority shareholder in December 2025 on the Company’s creditworthiness, ACRA has removed the Watch status and affirmed the credit rating.
Europlan is a leading vehicle leasing company operating a wide branch network covering almost all federal districts of the Russian Federation. The Company is focused on leasing services provided primarily to small and medium-sized enterprises with respect to passenger, cargo, commercial vehicles, and construction machinery, as well as supporting a full range of services associated with further operation of these vehicles.
KEY ASSESSMENT FACTORS
The strong business profile reflects the Company’s position in the Russian leasing market. Europlan is one of the largest companies in the cars and trucks leasing segment. As of December 31, 2025, the amount of Europlan’s equity was about RUB 42.4 bln, and as of March 31, 2026 it was RUB 44.3 bln. The leasing portfolio’s volume declined by 35% to RUB 293 bln in 2025. The volume of new business fell by 56% in 2025, which is generally in line with the industry trends in the market segments where the Company is present. Europlan offers its customers a wide range of ancillary services that are permanently being improved and expanded, which also stands the Company apart from competitors.
ACRA notes the high regional diversification of the Company’s business, with its offices spread across almost all federal districts of the country. In accordance with the business model, the Company’s leasing portfolio mainly includes cars and trucks (86% of the total volume as of December 31, 2025); another 9% is construction machinery. The Agency assesses the liquidity of leased assets as high.
The corporate governance and ownership structure are assessed by ACRA at a high level, which is confirmed by the long-term performance history of the Company, including during economic crises. ACRA notes the long-term and successful experience of the Company’s management and the important role of the board of directors, as well as the inheritance of these principles after the change of the shareholder. The Agency is positive about the information transparency as the Company regularly discloses its reports that meet international standards, additional information, and management information for investors. Moreover, a number of the Company’s internal regulations are publicly available.
Adequate assessment of capital adequacy. The capital adequacy ratio calculated according to ACRA’s methodology was 20% as of December 31, 2025. According to the Company’s projections, by the end of 2026 the indicator will also be fairly high and may exceed 20% provided that the trend of declining net lease investments on the Company’s balance sheet persists. As a result of the formation of significant reserves, the volume of which reflects a decrease in the credit quality of lessees, the Company’s profit fell threefold in 2025. The Company’s high capitalization allows it to pay dividends despite declining profitability. The average capital generation ratio (ACGR) for the last five full years has declined to the adequate level about 230 bps and, given the Company’s dividend policy, ACRA expects the ACGR to decline further. The Agency notes a significant share of non-interest income in the total revenues, which somewhat reduces the dependence of the Company’s financial performance on lease payments and interest rates on borrowed funds.
Adequate risk profile assessment. The Company maintains the very low concentration of risks in the leasing portfolio: the share of the ten largest groups of clients was 4.8% as of December 31, 2025. Such a significant portfolio diversification has been typical for the Company’s business over at least the analyzed five-year period. As regards the lease portfolio quality, ACRA notes a continued growth in the share of IFRS 9 Stage 3 assets (as of December 31, 2025, it amounted to 4.6% of net leasing investments and leasing receivables vs. 1.7% a year earlier). The risk profile assessment is still under pressure from a significant volume of repossessed lease assets on the balance sheet — about 32% of the capital as of December 31, 2025 (vs. about 23% a year earlier and 8% as of December 31, 2023). There are no other significant market and operational risks.
Strong assessment of funding. On the background of shrinking volume of new business, the Company’s funding volume has also declined. The share of the largest source of funding for the Company — bank loans — was less than 50% of liabilities as of December 31, 2025 (vs. 59% a year earlier). The share of the largest lender / five largest lenders at the specified date was 20% / 44% of liabilities. Bonds accounted for 18% of liabilities as of December 31, 2025. Currently, there are seven outstanding issues of the Company’s bonds. ACRA is of a high opinion about Europlan’s experience in the securities market. The Company has extensive experience in borrowing in the bond market; and under more favorable conditions, this source of funding was used more actively: at the end of 2021 and 2022, the share of bonds was 32% and 25% of liabilities, respectively. The Company expects to continue issuing bonds to cover the growing need for funding.
Adequate liquidity position. In the base case scenario, which includes the development of a new business, the Company demonstrates a positive cash reserve at the end of each quarter over the next 12–24 months (the projected current liquidity ratio exceeds 1.05). In the stress scenario, liquidity deficit is possible, which, however, can be tackled through operational cash flow management by adjusting the number of new leasing agreements. ACRA notes Europlan’s low need to refinance current liabilities over a 12–24 month horizon, which is confirmed by the ability to timely repay existing debt and to service the debt even in the conceivable absence of a new business.
ACRA assesses the potential degree of support from the parent company as very high. However, this support was not taken into account in the rating analysis, given that the maximum achievable level of Europlan’s credit rating does not exceed its standalone creditworthiness assessment (SCA), which, among other things, reflects the high level of the Company’s SCA, the structure of the parent company’s credit rating, and the lack of a history of guarantees for certain obligations of the rated entity, cross-defaults, etc.
KEY ASSUMPTIONS
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No changes to the business model within the 12 to 18-month horizon.
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Capital adequacy ratio of at least 18% within the 12 to 18-month horizon.
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The share of overdue leasing agreements in the portfolio below 5%.
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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Much higher capital generation capacity along with consistent capital adequacy;
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Significant reduction of the volume of seized property on the Company’s balance sheet and better payment discipline of lessees.
A negative rating action may be prompted by:
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Worse quality of the leasing portfolio;
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Deteriorating liquidity position;
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Substantially lower capital adequacy ratio and weaker capital generation.
RATING COMPONENTS
SCA: аa.
ISSUE RATINGS
PJSC «LC «EUROPLAN», series БО-03 (RU000A100W60), maturity date: September 20, 2029, issue volume: RUB 5 bln — АA(RU).
PJSC «LC «EUROPLAN», series БО-06 (RU000A100DG5), maturity date: May 15, 2029, issue volume: RUB 3 bln — АA(RU).
PJSC «LC «EUROPLAN», series БО-07 (RU000A0JWVL2), maturity date: September 29, 2026, issue volume: RUB 5 bln — АA(RU).
PJSC «LC «EUROPLAN», series 001Р-03 (RU000A103KJ8), maturity date: August 8, 2031, issue volume: RUB 7 bln — АA(RU).
PJSC «LC «EUROPLAN», series 001Р-07 (RU000A108Y86), maturity date: June 24, 2027, issue volume: RUB 12 bln — АA(RU).
PJSC «LC «EUROPLAN», series 001Р-08 (RU000A10A7C4), maturity date: November 18, 2027, issue volume: RUB 8.5 bln — АA(RU).
PJSC «LC «EUROPLAN», series 001Р-09 (RU000A10ASC6), maturity date: July 14, 2028, issue volume: RUB 16 bln — АA(RU).
Credit rating rationale. The issues represent senior unsecured debt of Europlan. Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to ACRA’s methodology, the simplified rating approach was applied, according to which the recovery rate on the issues belong to category II, and therefore the credit rating of the issues is equivalent to that of Europlan, i.e. AA(RU).
REGULATORY DISCLOSURE
The credit ratings of PJSC «LC «Europlan» and the bond issues of PJSC «LC «Europlan» have been assigned 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 PJSC «LC «Europlan» 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 Watch status on credit ratings of PJSC «LC «Europlan» and the bond issues of PJSC «LC «Europlan» has been removed in accordance with the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The credit ratings of PJSC «LC «Europlan» under the national scale for the Russian Federation was published by ACRA for the first time on October 2, 2024.
The credit ratings of the bond issues of PJSC «LC «Europlan» under the national scale for the Russian Federation were published by ACRA for the first time on: (ISIN RU000A100DG5, ISIN RU000A100W60, ISIN RU000A103KJ8, ISIN RU000A0JWVL2, ISIN RU000A108Y86) — 02.10.2024, (ISIN RU000A10A7C4) — 03.12.2024, (ISIN RU000A10ASC6) — 31.01.2025.
The credit ratings of PJSC «LC «Europlan» and the bonds (ISIN RU000A100DG5, ISIN RU000A100W60, ISIN RU000A103KJ8, ISIN RU000A0JWVL2, ISIN RU000A108Y86, ISIN RU000A10A7C4, ISIN RU000A10ASC6) were last published on September 23, 2025.
The credit rating and credit rating outlook of PJSC «LC «Europlan» and the credit ratings of the bond issues of PJSC «LC «Europlan» are expected to be revised within one year.
The credit ratings were assigned based on the data provided by PJSC «LC «Europlan», information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of PJSC «LC «Europlan» as of December 31, 2025.
The credit ratings are solicited, and PJSC «LC «Europlan» 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 PJSC «LC «Europlan» during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
