Credit rating rationale. The issue represents senior unsecured debt of PJSC “GLORAX” (hereinafter, GLORAX 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. In accordance with ACRA’s methodology, the detailed approach was applied to determine the credit rating, according to which the recovery rate for the issue corresponds to category I, and therefore the credit rating of the issue is equal to the credit rating of the Company and is set at BBB+(RU).
The Company’s credit rating is based on the high level of corporate governance, strong business, high profitability, and the high coverage of interest payments. The rating is constrained by the very high industry risk and medium leverage.
GLORAX is a federal developer that carries out projects in 11 of Russia’s regions, including in Nizhny Novgorod, Kazan, and Vladivostok. Most of the Company’s projects belong to comfort and high comfort class residential buildings. As of the start of July 2026, the Company’s current construction portfolio was 790,000 sq. m.
key issue properties
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Borrower |
JSC “GLORAX” |
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Issuer’s credit rating |
BBB+(RU), outlook Positive |
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Actual issuer |
JSC “GLORAX” |
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Type of security |
Exchange-traded interest-bearing non-convertible uncertificated green bonds, series 002P-01 |
|
Issue volume |
RUB 6.1 bln |
|
Registration number |
4B02-01-16806-A-002P |
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ISIN |
RU000A10FMQ8 |
|
Placement date |
July 10, 2026 |
|
Maturity date |
December 21, 2029 |
Sources: ACRA, issuer’s data
REGULATORY DISCLOSURE
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Applicable credit rating methodologies, including those used to assess the rated entity’s standalone creditworthiness and rating-sensitive external factors |
1. 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. 2. 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. |
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Fact of the initial rating assignment |
A credit rating has been assigned to the bond issue (ISIN RU000A10FMQ8) under the national scale for the Russian Federation for the first time. |
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Next revision of the credit rating |
Within one calendar year from the latest rating action date. |
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Material sources of information |
The rated entity, publicly available sources, and ACRA’s own databases. |
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Standards and date of the latest financial statements used as a source of information in the rating action |
IFRS as of 31.12.2025 |
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Rating solicitation |
Solicited |
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Limitations with respect to the credit rating or the credit rating outlook, including those related to the quality of information on the rated object available to the credit rating agency |
ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the rating methodologies. No conflicts of interest were discovered in the course of the credit rating process. |
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Ancillary services, if any, provided to the rated entity during the year preceding the rating action, and the period of these services. |
None |
