ACRA AFFIRMS BBB+(RU) TO SIMPLE SOLUTIONS LEASING COMPANY LLC, CHANGES OUTLOOK TO DEVELOPING, AND AFFIRMS BBB+(RU) TO BOND ISSUES

The credit rating of Simple solutions Leasing company LLC (hereinafter, the Company) is based on the satisfactory assessments of the business profile, risk profile and liquidity, the strong assessment of funding, and the adequate capital adequacy assessment.

The credit rating outlook has been changed to Developing due to the risks of a deterioration of the risk profile assessment coupled with further growth of seized lease assets on the balance sheet, as well as the generation of additional losses in the event of an increase in reserves to cover a decrease in customer quality or losses from the sale of foreclosed assets. The Company is currently actively selling seized assets, and also plans to grow its business, including by acquiring portfolios, which may neutralize the aforementioned risks.

The Company is a medium-sized full-service leasing company, whose main activities include the financial leasing of railway cars and vehicles and equipment to customers from various industries and regions in the Russian Federation. The Company is the largest asset of the Simple Solutions Capital investment holding, which also includes financial (leasing company Simple solutions Leasing LLC, Simple solutions Factoring company LLC) and non-financial companies. The Company’s ultimate beneficiary is an individual associated with its management team.

KEY ASSESSMENT FACTORS

Satisfactory business profile assessment. The Company’s internal funds amounted to RUB 1.6 bln as of December 31, 2025. The size of the lease portfolio grew by 25% last year and as of December 31, 2025 amounted to RUB 17.8 bln. The Company completed the merger of the assets of UniCredit Leasing LLC in 2025, which was the main factor behind the growth of the lease portfolio.

ACRA notes the high diversification of the Company’s business, which is present in almost all of Russia’s federal districts. Following the incorporation of the acquired portfolio, changes occurred in the structure of the Company’s portfolio: the railway equipment segment became dominant, accounting for 32.6% of the total volume as of December 31, 2025, followed by passenger and freight vehicles at 19.5%, and road construction and special-purpose equipment at 8%. Oil production and refining equipment and metallurgical equipment remain the largest equipment segments (11.4% and 8% of the total portfolio, respectively). ACRA estimates the liquidity of leased assets as satisfactory.

The Agency assesses corporate governance as moderately high. The improved score for this sub-factor is driven by the Company’s long-term performance. ACRA notes the Company’s extensive management experience, the active role of its board of directors, which includes independent directors, the consistent application of corporate governance principles, and the functioning of its risk management system. The Company’s development strategy is also positively assessed as part of its business profile assessment.

Adequate capital adequacy assessment. The capital adequacy ratio (CAR) calculated as per ACRA’s methodology was practically unchanged compared to the year before and amounted to 12.3% as of December 31, 2025. The Company has plans for further asset growth, which may put pressure on this indicator, although, according to the Company’s projections, it will not decline below 12%. The averaged capital generation ratio (ACGR) calculated for the past five years is around 159 bps (vs 184 bps a year earlier). Despite the decline in this indicator, its value remains within the adequate assessment score. ACRA assesses the risks of a possible decline in this indicator in the event of losses, which would in turn lead to a reduction in the capital adequacy assessment, as moderate, which is reflected in the change in the credit rating outlook.

Satisfactory risk profile assessment. The portfolio still contains contracts with overdue and restructured debt; the share of potentially non-performing debt, calculated according to ACRA’s methodology, was below 5% as of December 31, 2025. The Agency notes an increase in seized assets on the Company’s balance sheet. At the same time, given the Company’s 2026 sale of foreclosed assets and enhanced efforts with clients experiencing delinquency, as well as the reduction in this share in the projected balance for the first half of the year, ACRA is not downgrading the portfolio quality assessment, but rather reflecting the risks of portfolio deterioration in its credit rating outlook. According to the Agency’s estimates, the credit quality of the largest lessees remains rather high.

Following the acquisition of the railway lease portfolio, lease portfolio concentration increased as expected. It is currently assessed as high, which impacts the final risk profile assessment: the share of the 10 largest client groups was 63% as of December 31, 2025. Other market and operational risks are insignificant, resulting in a satisfactory risk profile assessment.

Strong funding assessment. Over the past two years, the Company has actively participated in placing bond issues, while repaying its bank debt ahead of schedule. As a result of this, the share of the largest source of funding (bank loans) declined and as of December 31, 2025 amounted to around 49% of liabilities (vs. 56% a year earlier). As of the same date, the share of the largest creditor amounted to 11% of liabilities, while the five largest accounted for 29%. There are currently five outstanding bond issues. ACRA highly assesses the Company’s activities in the securities market.

Satisfactory liquidity position. In ACRA’s base case scenario, which takes into account plans to develop new business, the Company exhibits a positive cash reserve at the end of each quarter for the next 12−24 months (the forecasted current liquidity ratio exceeds 1.0). In ACRA’s stress scenario, a liquidity deficit is possible. However, this can be overcome through operational cash flow management by adjusting the number of new lease contracts.

KEY ASSUMPTIONS

• Maintaining the current business model within the 12 to 18-month horizon;

• Share of lease contracts with overdue payments under 5%.

potential outlook or rating change factors

The Developing outlook assumes a variety of trends: the rating may stay unchanged, be upgraded or downgraded within the 12 to 18-month horizon.

A positive rating action may be prompted by:

• Strengthened position in the Russian leasing market;

• Significantly higher capital generation and further growth of the CAR.

A negative rating action may be prompted by:

• Decrease in the Company’s stability as a result of an increase in the share of non-core assets and seized property on the balance sheet;

• Significant decline of capital generation;

• Decline in bank funding diversification;

• Deterioration of the liquidity position.

rating components

Standalone creditworthiness assessment (SCA): bbb+.

issue ratings

Exchange-traded non-convertible interest-bearing uncertificated bond subject to centralized title registration issued by Simple solutions Leasing company LLC, series 002P-01 (ISIN RU000A1022E6), maturity date: August 10, 2029, issue volume: RUB 1.75 bln — BBB+(RU).

Exchange-traded non-convertible interest-bearing uncertificated bond subject to centralized title registration issued by Simple solutions Leasing company LLC, series 002P-02 (ISIN RU000A106EР1), maturity date: May 6, 2032, issue volume: RUB 1.5 bln — BBB+(RU).

Exchange-traded non-convertible interest-bearing uncertificated bond issued by Simple solutions Leasing company LLC, series 002P-03 (ISIN RU000A10CJ92), maturity date: July 5, 2035, issue volume: RUB 2 bln — BBB+(RU).

Exchange-traded non-convertible interest-bearing uncertificated bond issued by Simple solutions Leasing company LLC, series 003P-01 (ISIN RU000A10DJY3), maturity date: June 28, 2028, issue volume: USD 20 mln — BBB+(RU).

Exchange-traded non-convertible interest-bearing uncertificated bond issued by Simple solutions Leasing company LLC, series 003P-02 (ISIN RU000A10FLH9), maturity date: May 16, 2036, issue volume: RUB 1 bln — BBB+(RU).

Rationale. The issues are senior unsecured debt instruments of the Company. Due to the absence of either structural or contractual subordination of the issues, ACRA regards them 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 detailed approach was applied to determine the credit ratings, according to which the recovery rate for the issues corresponds to category II, and therefore the credit ratings of the issues are equal to the credit ratings of the Company and are set at BBB+(RU).

regulatory disclosure