ACRA ASSIGNS АAA(RU) TO SERIES 001P-27R BOND (RU000A106VV3) ISSUED BY JSCO “RZD”

Credit rating rationale. The issue represent senior unsecured debt of JSCo “RZD” (hereinafter, the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA ranks it pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. As per ACRA’s methodology, a simplified approach is applicable, so that the credit rating of the issue is on par with that of the Company, i.e. AAA(RU).

The credit rating of the Company is on par with the financial obligations of the Russian Government due to the very high assessment of support from the state and average assessment of dependence on homogeneous risk factors.

KEY ISSUE PROPERTIES

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 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 series 001P-27R (RU000A106VV3) bond issue of JSCo “RZD” for the first time. The credit rating and its outlook are 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 JSCo “RZD”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and JSCo “RZD” participated in its assignment.

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

ACRA provided additional services to JSCo “RZD”. No conflicts of interest were discovered in the course of credit rating assignment.