Credit rating rationale. The issue represents senior unsecured debt of JSC Gazstroyprom, which acts as an offeror for the liabilities of GSP-Finance LLC. The credit rating has been assigned based on the issue documents and a public irrevocable offer, according to which Bank GPB (JSC) also acts as an offeror (hereinafter, the Offeror), and it shall redeem the bonds and pay the coupon accrued thereon in case the issuer defaults.
Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Offeror. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of the Offeror, i. e AA+(RU).
key issue properties
|
Borrower |
JSC Gazstroyprom |
|
Offeror |
Bank GPB (JSC) |
|
Offeror’s credit rating |
AA+(RU), outlook Stable |
|
Actual issuer |
GSP-Finance LLC |
|
Type of security |
Uncertificated non-convertible interest-bearing bond subject to centralized title registration, 01 series |
|
Issue volume |
RUB 5 bln |
|
ISIN/RegS |
RU000A102KZ6/4-01-00567-R |
|
Placement start date |
December 24, 2020 |
|
Maturity date |
December 21, 2023 |
Sources: ACRA, issuer’s data
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.
The credit rating of the 01 series bond of GSP-Finance LLC was published by ACRA for the first time on December 24, 2020. 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 data provided by JSC Gazstroyprom, GSP-Finance LLC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC Gazstroyprom and GSP-Finance LLC participated in its assignment.
In assigning the 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 no additional services to JSC Gazstroyprom or GSP-Finance LLC. No conflicts of interest were discovered in the course of credit rating assignment.
