The Analytical Credit Rating Agency (ACRA) has withdrawn its credit rating BBB-(RU), outlook Stable, on the Yaroslavl Region and credit rating BBB-(RU) on the bonds (RU000A0ZZEM5, RU000A0JXS83, RU000A0JWHN7, RU000A0JUQF8) issued by the Yaroslavl Region. The ratings have been withdrawn as the Yaroslavl Region has chosen to stop participating in the rating process. The ratings have been withdrawn without simultaneous affirmation, as ACRA has no sufficient information on the financial status of the Yaroslavl Region.

Regulatory disclosure

The credit ratings were assigned to the Yaroslavl Region and the bonds (RU000A0ZZEM5, RU000A0JXS83, RU000A0JWHN7, RU000A0JUQF8) issued by the Yaroslavl Region under the national scale for the Russian Federation based on the Methodology for Credit Ratings Assignment to Regional and Municipal Authorities of the Russian Federation, and the Key Concepts Used by Analytical Credit Rating Agency within the Scope of Its Rating Activities. To assign credit ratings to the bond issues above, ACRA also used the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale of the Russian Federation.

The credit ratings assigned to the Yaroslavl Region and the bonds (RU000A0ZZEM5, RU000A0JXS83, RU000A0JWHN7, RU000A0JUQF8) issued by the Yaroslavl Region were first published by ACRA on September 14, 2017, July 27, 2018, March 15, 2018, March 15, 2018, and March 15, 2018 respectively. The credit ratings on the Yaroslavl Region and the bonds (RU000A0ZZEM5, RU000A0JXS83, RU000A0JWHN7, RU000A0JUQF8) issued by the Yaroslavl Region were withdrawn on August 13, 2018.

ACRA provided no additional services to the Government of the Yaroslavl Region. No conflicts of interest were discovered in the course of credit rating assignment.

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Analysts

Dmitry Kulikov
Director, Sovereign Ratings and Macroeconomic Analysis Group
+7 (495) 139 04 80, доб. 122
Alexander Shurakov
Expert, Sovereign and Regional Ratings Group
+7 (495) 139 03 45
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