Expected credit rating rationale. The issues represent senior unsecured debt of SINARA TRANSPORTATION (hereinafter, the Company, or ST). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as pari passu to other existing and future unsecured and unsubordinated debt obligations of the Company. In accordance with ACRA’s methodology, to the detailed rating approach is applicable, according to which the recovery rate on the issues belongs to category II, and therefore the expected credit ratings of the issues is equal to the credit rating of the Company — A(RU) — and are set at eA(RU).
key issue properties
|
Borrower |
SINARA TRANSPORTATION |
|
Issuer’s credit rating |
A(RU), outlook Negative |
|
Actual issuer |
SINARA TRANSPORTATION |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
At least RUB 5 bln (total for issues series 001P-07 and 001P-08) |
|
Reg. No. |
4B02-07-55323-E-001P |
|
ISIN |
RU000A10FN28 |
|
Placement date |
July 21, 2026 |
|
Option date |
July 10, 2029 |
|
Maturity date |
June 25, 2031 |
Sources: ACRA, issuer’s data
|
Borrower |
SINARA TRANSPORTATION |
|
Issuer’s credit rating |
A(RU), outlook Negative |
|
Actual issuer |
SINARA TRANSPORTATION |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
At least RUB 5 bln (total for issues series 001P-07 and 001P-08) |
|
Reg. No. |
4B02-08-55323-E-001P |
|
ISIN |
RU000A10FN36 |
|
Placement date |
July 21, 2026 |
|
Option date |
July 10, 2029 |
|
Maturity date |
June 25, 2031 |
Sources: ACRA, issuer’s data
regulatory disclosure
|
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 expected credit rating of the bond issues 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. |
|
Fact of the initial rating assignment |
An expected credit rating was assigned to the bond issues (ISIN RU000A10FN28, ISIN RU000A10FN36) under the national scale for the Russian Federation for the first time. |
|
Next revision of the expected credit rating |
Within one year from the latest rating action date. |
|
Material sources of information |
The rated entity, publicly available sources, and ACRA’s own databases. |
|
Standards and date of the latest financial statements used as a source of information in the rating action |
IFRS as of December 31, 2025 |
|
Rating solicitation |
Solicited |
|
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. ACRA will assign credit ratings to the issues (ISIN RU000A10FN28, ISIN RU000A10FN36) after the final documentation is provided. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issues’ credit rating against the expected credit rating. No conflicts of interest were discovered in the course of the credit rating process. |
|
Ancillary services, if any, provided to the rated entity during the year preceding the rating action, and the period of these services. |
Assessment of the rated entity’s obligations for compliance with sustainable development principles from May 18, 2021 to the present. |
