Credit rating rationale. The issues represents senior unsecured debt instruments of Russian Post (the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards them as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to the ACRA methodology, the credit rating of the issues is equivalent to that of the Company, i.e. AAA(RU).

The credit rating assigned to the Company is a result of very high systemic importance of the Company for the Russian economy, very high influence of the government on the Company, very strong market positions, strong business profile, medium level of corporate governance (which is cause by the legal form of the Company), large size, and medium profitability and leverage.

Key issue properties

Issuer

Russian Post

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

Russian Post

Type of security

Certified exchange-traded interest-bearing non-convertible unregistered bond, subject to mandatory centralized storage
BO-001R-04 series

Issue volume

RUB 5 bln

ISIN

RU000A0ZZ5H3

Final placement date

May 7, 2018

Maturity date

April 24, 2028

 

Issuer

Russian Post

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

Russian Post

Type of security

Certified exchange-traded interest-bearing non-convertible unregistered bond, subject to mandatory centralized storage

BO-001R-05 series

Issue volume

RUB 5 bln

ISIN

RU000A0ZZ5J9

Final placement date

May 7, 2018

Maturity date

April 24, 2028

 

Regulatory disclosure

The credit ratings have been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale of the Russian Federation and the Key concepts used by the Analytical Credit Rating Agency within the scope of its rating activities.

The credit ratings have been assigned to BO-001R-04 and BO-001R-05 series bonds of Russian Post for the first time. The credit ratings are expected to be revised within one year following the rating action date (May 31, 2018).

The assigned credit ratings are based on the data provided by Russian Post, information from publicly available sources, and ACRA’s own databases. The credit ratings are solicited, and Russian Post participated in their assignment.

No material discrepancies between the provided information and the data officially disclosed by Russian Post in its financial statements have been discovered.

ACRA provided no additional services to Russian Post. No conflicts of interest were discovered in the course of credit rating assignment.

We protect the personal data of users and process cookies only to personalize services. You can prevent the processing of cookies in your browser settings. Please read the terms of use of cookies on this website by clicking on more information.