Credit rating rationale. The issue represents senior unsecured debt of Eurasian Development Bank (hereinafter, EDB). 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 EDB in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of EDB, i.e. AAA(RU).

The credit rating of EDB is A- under the international scale based on the standalone creditworthiness assessment of EDB (a-), which stems from the strong capital adequacy, satisfactory risk profile, and adequate liquidity and funding position.

EDB’s credit rating is AAA(RU), outlook Stable, under the national scale for the Russian Federation as per the Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales.

Key issue properties

Borrower

Eurasian Development Bank

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

Eurasian Development Bank

Type of security

Uncertificated interest-bearing non-convertible bonds
subject to centralized title registration, series 003P-009

Type of debt

Senior unsecured

Issue volume

RUB 10 bln

ISIN

RU000A107EA1

Placement start date

December 20, 2023

Maturity date

December 13, 2028

Source: 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, Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales, 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 003P-009 (RU000A107EA1) bond issued by Eurasian Development Bank for the first time. The credit rating is expected to be revised within 182 days following the publication date of this press release as per the Calendar of sovereign credit rating revisions and publications.

The credit rating was assigned based on data provided by Eurasian Development Bank, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and Eurasian Development Bank 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 Eurasian Development Bank. No conflicts of interest were discovered in the course of credit rating assignment.

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Analysts

Irina Nosova
Senior Director, Financial Institutions Ratings Group
+7 (495) 139 04 81
Zhannur Ashigali
Director, Project Manager for Central Asian Cooperation, Sovereign and Regional Ratings Group
+7 (495) 139 03 02
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