Credit rating rationale as regards to the BO-P04 series (RU000A102LF6) bond issued by Pioneer Leasing Ltd. Having analyzed the risk of losses, which may be incurred by bondholders, ACRA is of the opinion that the recovery rate on the bond issue belongs to category II as per ACRA’s methodology. Hence, the bond issue is assigned the credit rating BB(RU), i. e. on par with the credit rating of Pioneer Leasing Ltd.
The credit rating of Pioneer Leasing Ltd. at BB(RU) is based on a moderately low business profile assessment, weak capital adequacy assessment, adequate risk profile assessment, and satisfactory liquidity and funding assessment.
Key issue properties
| Borrower | Pioneer Leasing Ltd. |
| Issuer’s credit rating | BB(RU), outlook Stable |
| Actual issuer | Pioneer Leasing Ltd. |
| Type of security | Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration, BO-P04 series |
| Issue volume | RUB 350 mln |
| RegS | 4B02-04-00331-R-001P |
| ISIN | RU000A102LF6 |
| Placement start date | December 25, 2020 |
| Maturity date | December 13, 2030 |
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 on 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 BO-P04 series bond issued by Pioneer Leasing Ltd. for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.
The assigned credit rating is based on the data provided by Pioneer Leasing Ltd., information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and Pioneer Leasing Ltd. participated in its assignment.
No material discrepancies between the provided data and the data officially disclosed by Pioneer Leasing Ltd. in its financial statements have been discovered.
ACRA provided no additional services to Pioneer Leasing Ltd. No conflicts of interest were discovered in the course of credit rating assignment.
