CREDIT RATING WITHDRAWAL RATIONALE

The credit rating of the series BO-001P-01 (RU000A0ZYC31) bond issue of JSC Avangard-Agro has been withdrawn due to the full redemption of the issue on November 26, 2024. Previously, in accordance with ACRA’s methodology, the credit rating of this issue was affirmed at BBB(RU), i.e. on par with JSC Avangard-Agro. The credit rating has been withdrawn without its concurrent affirmation.

REGULATORY DISCLOSURE

The credit rating was previously assigned to the series BO-001P-01 (RU000A0ZYC31) bond issue of JSC Avangard-Agro 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.

The credit rating of the series BO-001P-01 (RU000A0ZYC31) bond issue of JSC Avangard-Agro was published by ACRA for the first time on October 9, 2017.

The credit rating was assigned based on data provided by JSC Avangard-Agro, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and JSC Avangard-Agro 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 no additional services to JSC Avangard-Agro. No conflicts of interest were discovered in the course of credit rating assignment.

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