Credit rating rationale. The issue represents senior unsecured debt of PJSC “SIBUR Holding” (hereinafter, SIBUR or the Company). 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 Company in terms of priority. As per ACRA’s methodology, the simplified approach was used, and therefore the credit rating of the issue is on par with that of the Company, i.e. AAA(RU).
The credit rating of the Company is based on its very strong market position, very strong assessment of the business profile, strong assessment of geographic diversification, strong corporate governance, very large size of business, very high assessment of profitability, high assessment of coverage, low leverage, very high liquidity, and medium cash flow assessment.
key issue properties
Borrower |
PJSC “SIBUR Holding” |
Issuer’s credit rating |
ААА(RU), outlook Stable |
Actual issuer |
PJSC “SIBUR Holding” |
Type of security |
Exchange-traded uncertificated interest-bearing |
Issue volume |
RUB 9.9 bln |
ISIN/Registration number |
RU000A10A7H3 / 4B02-02-65134-D-001P |
Placement start date |
December 3, 2024 |
Maturity date |
November 23, 2026 |
Sources: ACRA, issuer’s data
regulatory disclosure
The credit rating has been assigned to the series 001Р-02 (RU000A10A7H3) bond issue of PJSC “SIBUR Holding” 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 001Р-02 (RU000A10A7H3) bond issue of PJSC “SIBUR Holding” 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 “SIBUR Holding”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and PJSC “SIBUR Holding” 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 PJSC “SIBUR Holding”. No conflicts of interest were discovered in the course of credit rating assignment.