Credit rating rationale. The issue represents senior unsecured debt of Sberbank (hereinafter, Sberbank or the Bank). 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 the Bank in terms of priority. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of Sberbank, i.e. AAA(RU).
The AAA(RU) credit rating of Sberbank reflects its very high systemic importance for the Russian economy and very high degree of support from the majority shareholder. Sberbank’s standalone creditworthiness is very high compared to other Russian credit institutions, which is supported by its market positions, strong capital adequacy, adequate risk profile, and adequate funding and liquidity position.
Key issue properties
Borrower |
Sberbank |
Issuer’s credit rating |
AAA(RU), outlook Stable |
Actual issuer |
Sberbank |
Type of security |
Uncertificated non-convertible exchange-traded interest |
Type of debt |
Senior unsecured |
Issue volume |
RUB 35 bln |
Registration number |
4B02-06-01481-B-002P |
ISIN |
RU000A10A3L4 |
Placement start date |
November 22, 2024 |
Maturity date |
November 21, 2025 |
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 002P-SBER48 series (RU000A10A3L4) bond issue of Sberbank 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 Sberbank, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and Sberbank 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 Sberbank. No conflicts of interest were discovered in the course of credit rating assignment.