Expected credit rating rationale. The issue represents senior unsecured debt of JSC Russian Agricultural Bank (hereinafter, the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Bank in terms of priority. According to ACRA’s methodology, the expected credit rating of the issue is equivalent to the credit rating of the Bank, i.e. eAA(RU).

The credit rating of the Bank is based on its high systemic importance for the Russian economy and the very strong degree of state influence on the Bank. At the same time, the Bank demonstrates a satisfactory standalone creditworthiness assessment (SCA), which reflects the Bank's low common capital adequacy assessment, weak risk profile, moderately strong business profile, and adequate liquidity and funding assessments.

Key issue properties


JSC Russian Agricultural Bank

Issuer’s credit rating

AA(RU), outlook Stable

Actual issuer

JSC Russian Agricultural Bank

Type of security

Uncertified interest-bearing non-convertible bond subject to centralized title registration,
BO-15-002P series

Type of debt

Senior unsecured

Reg. No.


Expected issue volume

RUB 10 bln

Offer date

October 7, 2021

Maturity date

September 28, 2028

Source: ACRA, issuer's data

Regulatory disclosure

ACRA will assign a credit rating to the BO-15-002P series (4B02-08-03349-B-002P) bond after the final documentation is presented by JSC Russian Agricultural Bank. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue’s credit rating against the expected credit rating.

The expected 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.

An expected credit rating has been assigned to the BO-15-002P series (4B02-08-03349-B-002P) bond of JSC Russian Agricultural Bank for the first time. The next rating action is expected within 180 days following the publication date of this press release.

The expected credit rating is based on the data provided by JSC Russian Agricultural Bank, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and JSC Russian Agricultural Bank participated in its assignment.

In assigning the expected credit rating, ACRA used only information, the quality and reliability of which was, in ACRA's opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to JSC Russian Agricultural Bank. No conflicts of interest were discovered in the course of the expected credit rating assignment.
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