Credit rating rationale. The issue represents senior unsecured debt of the Eurasian Development Bank (hereinafter, EDB). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it pari passu with other existing and future unsecured and unsubordinated debt obligations of EDB in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of EDB, i.e. AAA(RU), therefore the rating is AAA(RU).
The credit rating of EDB is driven by both high support from shareholding sovereigns and EDB’s own strong standalone creditworthiness assessment (SCA) of a-, which stems from strong capital adequacy, a satisfactory risk profile, and adequate liquidity and funding positions.
Key issue properties
| Borrower/Actual issuer | Eurasian Development Bank |
| Type of security | Series 001Р-07 exchange-traded bond
|
| Issue volume | RUB 10 bln |
| ISIN | RU000A101PK9 |
| Placement date | May 28, 2020 |
| Maturity date | May 23, 2024 |
Regulatory disclosure
The credit rating has been assigned to series 001Р-07 (ISIN RU000A101PK9) bond under the national scale for the Russian Federation based on the Methodology for Mapping Credit Ratings Assigned on ACRA’s International Scale to Credit Ratings Assigned on ACRA’s National Scale for the Russian Federation, the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale for 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 series 001Р-07 (RU000A101PK9) bond for the first time. The credit rating is expected to be revised within 182 days following the publication date of this press release as per the Calendar of planned sovereign credit rating revisions and publications.
The credit rating is based on data provided by the Eurasian Development Bank, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and the Eurasian Development Bank participated in its assignment.
No material discrepancies between the provided information and the data officially disclosed by the Eurasian Development Bank in its financial statements have been discovered.
ACRA provided additional services to the Eurasian Development Bank. No conflicts of interest were discovered in the course of the credit rating assignment.
