Credit rating rationale. The issue represents senior unsecured debt of JSCo “RZD” (hereinafter, Russian Railways or the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA ranks 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 simplified approach was used to determine the credit rating, according to which the recovery rate for the issue belongs to category II, and therefore the credit rating of the issue is on par with that of Russian Railways, i.e. AAA(RU).
The credit rating of Russian Railways is on par with the financial obligations of the Government of the Russian Federation due to the very high assessment of support from the state and medium assessment of dependence on homogeneous risk factors.
KEY ISSUE PROPERTIES
|
Borrower |
JSCo “RZD” |
|
Issuer’s credit rating |
AAA(RU), outlook Stable |
|
Actual issuer |
JSCo “RZD” |
|
Type of security |
Exchange-traded interest-bearing |
|
Issue volume |
RUB 30 bln |
|
Registration number |
4B02-54-65045-D-001P
|
|
ISIN |
RU000A10FV69 |
|
Placement date |
August 13, 2026 |
|
Maturity date |
August 18, 2036 |
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 RU000A10FV69) 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. |
|
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 |
