Credit rating rationale. The issue represents senior unsecured debt of SINARA TRANSPORTATION (hereinafter, the Company or ST). 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, the detailed approach was applied to determine the credit rating, according to which the recovery rate for the issue corresponds to category II, and therefore the credit rating of the issue is equal to the credit rating of SINARA TRANSPORTATION — A(RU).
key issue properties
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Borrower |
SINARA TRANSPORTATION |
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Issuer’s credit rating |
A(RU), outlook Negative |
|
Actual issuer |
SINARA TRANSPORTATION |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
RUB 5 bln |
|
Registration number |
4B02-09-55323-E-001P |
|
ISIN |
RU000A10FRD5 |
|
Placement date |
July 28, 2026 |
|
Option date |
September 1, 2026 |
|
Maturity date |
July 2, 2031 |
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. |
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Fact of the initial rating assignment |
A credit rating has been assigned to the bond issue (ISIN RU000A10FRD5) 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 December, 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 |
Assessment of the rated entity’s obligations for compliance with sustainable development principles from May 18, 2021 to 22 July 2026 |
