Credit rating rationale. The issue represents senior unsecured debt of Nizhnekamskneftekhim PJSC (hereinafter, 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, ACRA has applied the simplified approach to determine the credit rating, according to which the recovery rate on the issue belongs to category II, and therefore the credit rating of the issue is equivalent to that of the Company and is set at AAA(RU).
The Company’s credit rating is based on the very high likelihood of PJSC “SIBUR Holding” (ACRA rating: AAA(RU), outlook Stable) providing extraordinary support to the Company. The Company’s standalone creditworthiness assessment (SCA) reflects its very strong operational profile, large size of business, high profitability, low leverage, very strong liquidity, and medium coverage. The Company’s SCA is constrained by the very weak cash flow assessment.
KEY ISSUE PROPERTIES
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Borrower |
Nizhnekamskneftekhim PJSC |
|
Issuer’s credit rating |
AAA(RU), outlook Stable |
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Actual issuer |
Nizhnekamskneftekhim PJSC |
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Type of security |
Exchange-traded uncertificated |
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Issue volume |
RUB 15 bln |
|
Registration number |
4B02-04-00096-А-001P |
|
ISIN |
RU000A10FPB3 |
|
Placement date |
July 17, 2026 |
|
Maturity date |
July 1, 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 was assigned to the bond issue (ISIN RU000A10FPB3) under the national scale for the Russian Federation for the first time. |
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Next revision of the credit rating |
Within one 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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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. |
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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 |
