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
 bearing bond, 002P-SBER48 series

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.

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