Credit rating rationale. The issue represents senior unsecured debt of JSC “ALFA-BANK” (hereinafter, Alfa-Bank, or the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu to other existing and future unsecured and unsubordinated debt obligations of the Bank in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of Alfa-Bank, i.e. AA+(RU).

The credit rating of Alfa-Bank is based on its strong business profile and capital adequacy, adequate liquidity and funding position, and satisfactory risk profile assessment. The rating is also supported by the Bank’s moderate systemic importance for the Russian financial market.

Key issue properties

Borrower

JSC “ALFA-BANK”

Issuer’s credit rating

АА+(RU), outlook Stable

Actual issuer

JSC “ALFA-BANK”

Type of security

Exchange-traded interest-bearing bond, 002P-07 series

Issue volume

RUB 6 bln

ISIN

RU000A102788

Placement start date

October 8, 2020

Maturity date

December 29, 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 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 the 002P-07 series bond (RU000A102788) issued by JSC “ALFA-BANK” for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

The credit rating was assigned based on the data provided by JSC “ALFA-BANK”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC “ALFA-BANK” participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by JSC “ALFA-BANK” in its financial statements have been discovered.

ACRA provided additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

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