Credit rating rationale

The Agency believes that bond issued by the Kaliningrad Region has a status of senior unsecured debt. Credit rating of this debt instrument corresponds to the credit rating of the Kaliningrad Region.

Key issue properties

Issuer

Kaliningrad Region

Issuer’s credit rating

BBB-(RU) (Stable)

Actual issuer

Kaliningrad Region Ministry of Finance

Type of security

Government bonds

Issue volume

RUB 1 bln

ISIN RegS

RU000A0JX2S9 / RU34001KLN0

Issue date

23/12/2016

Amortization schedule

20% of nominal value 18/12/2020

80% of nominal value 17/12/2021

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments Under the National Scale of the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

A credit rating has been assigned to the bond of the Kaliningrad Region for the first time. The credit rating and its outlook are expected to be revised within 182 days following the rating action (December 23, 2016).

The assigned credit ratings are based on the data provided by the Kaliningrad Region. The credit ratings are solicited, and the Kaliningrad Region participated in their assignment.

No material discrepancies between the provided data and the data officially disclosed by the Kaliningrad Region in its financial report have been discovered.

ACRA provided no additional services to the Kaliningrad Region. No conflicts of interest were discovered in the course of credit rating assignment.

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Analysts

Andrey Piskunov
Senior Director, Head of Sovereign and Regional Ratings Group
+7 (495) 139 04 85
Elena Anisimova
Senior Director - Head of Sub-sovereign Ratings Group
+7 (495) 139 04 86
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