Credit rating rationale. The issues represent senior unsecured debt of PJSC RusHydro (hereinafter, RusHydro, the Company, or the Group). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. As per ACRA’s methodology, the simplified approach was used, and therefore the credit rating of the issues is on par with that of the Group, i.e. AAA(RU).

The Company’s credit rating stems from both the high level of support from the Russian Federation and the moderate dependence of RusHydro and the state on homogeneous risk factors.

RusHydro is Russia’s largest hydroelectric power company and manages 15.5% of the installed capacity of the entire Russian power system, as well the power infrastructure in the country’s Far East. Amid its strong market position, the Company demonstrates high business profitability and very high liquidity.

RusHydro is one of the world’s largest public hydroelectric power groups. Its activities are focused on electricity and heat energy generation and sales in the wholesale and retail markets of Russia.

KEY ISSUE PROPERTIES

1) ISIN RU000A10A6B8

Borrower

PSJC RusHydro

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

PSJC RusHydro

Type of security

Uncertificated exchange-traded interest-bearing bond, series BO-002P-02

Registered issue volume

RUB 20 bln

ISIN / registration number

RU000A10A6B8 / 4B02-02-55038-E-002P

Placement start date

November 28, 2024

Maturity date

May 22, 2026

Sources: ACRA, issuer’s data

2) ISIN RU000A10A6C6

Borrower

PSJC RusHydro

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

PSJC RusHydro

Type of security

Uncertificated exchange-traded interest-bearing bond, series BO-002P-03

Registered issue volume

RUB 5 bln

ISIN / registration number

RU000A10A6C6 / 4B02-03-55038-E-002P

Placement start date

November 28, 2024

Maturity date

May 22, 2026

Sources: ACRA, issuer’s data

regulatory disclosure

The credit rating has been assigned to the series BO-002P-02 (RU000A10A6B8) and BO-002P-03 (RU000A10A6C6) bond issues of PJSC RusHydro 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 series BO-002P-02 (RU000A10A6B8) and BO-002P-03 (RU000A10A6C6) bond issues of PJSC RusHydro 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 PJSC RusHydro, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and PJSC RusHydro 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 PJSC RusHydro. No conflicts of interest were discovered in the course of credit rating assignment.

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