Credit rating rationale. The issue represents senior unsecured debt of JSC “GTLK” (hereinafter, GTLK, or the Company). 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 Company. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of GTLK, i.e. AA-(RU).

The credit rating of GTLK is based on the very high likelihood of extraordinary support being provided by the state. The Company’s creditworthiness is assessed as high compared to other Russia-based issuers.




Issuer’s credit rating

AA-(RU), status “Rating under review: developing”

Actual issuer


Type of security

Non-convertible interest-bearing non-certificated bond,
series ZО25-D

Type of debt

Senior unsecured

Issue volume

USD 500 mln



Registration number


Placement start date

November 22, 2023

Maturity date

April 17, 2025

Source: ACRA, issuer’s data


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 ZО25-D bond issue (RU000A1078V2) of JSC “GTLK” 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 data provided by JSC “GTLK”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and JSC “GTLK” 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 JSC “GTLK”. No conflicts of interest were discovered in the course of credit rating assignment.

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