ACRA ASSIGNS AAA(RU) TO THE SERIES 002P-03 BOND (RU000A108Q03) OF INTERNATIONAL BANK FOR ECONOMIC CO-OPERATION

Credit rating rationale. The issue represents senior unsecured debt of International Bank for Economic Co-operation (hereinafter, IBEC). 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 IBEC. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of IBEC — AAA(RU).

The BBB+ international scale credit rating of IBEC is based on its standalone creditworthiness assessment (bbb+), which reflects its vulnerable business profile, strong capital adequacy, weak risk profile assessment, and adequate assessment of funding and liquidity.

IBEC’s credit rating under the national scale for the Russian Federation is determined at AAA(RU), outlook Stable, based on the Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales.

KEY issue properties

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 on 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 002P-03 bond (RU000A108Q03) of International Bank for Economic Co-operation for the first time. The credit rating is expected to be revised within 182 days following the publication date of this press release in accordance with the Calendar of sovereign credit rating revisions and publications.

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