Expected credit rating rationale. The issue represents senior unsecured debt of the Eurasian Development Bank (hereinafter – the EDB). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it pari passu with other existing and future unsecured and unsubordinated debt obligations of the EDB.
Key issue properties
| Borrower / Actual issuer | The Eurasian Development Bank |
| Type of security | Series 001Р-02 exchange-traded bond |
| Issue volume | No less than RUB 5 bln |
| Final placement date | First decade of November 2018 |
| Maturity date | After 2.5 years since the placement date |
Regulatory disclosure
ACRA will assign a credit rating to series 001Р-02 bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018) after the final documentation is presented by the Eurasian Development Bank. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue credit rating against the expected credit rating.
The expected credit rating has been assigned to series 001Р-02 bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018) under the national scale for the Russian Federation based on the Methodology for Comparing Credit Ratings Assigned under ACRA’s International Scale with Credit Ratings Assigned under ACRA’s National Scale for the Russian Federation, 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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The expected credit rating has been assigned to series 001Р-02 bond (Exchange-Traded Bond Program ID No. 4-00002-L-001P-02E dated June 14, 2018) issued by the Eurasian Development Bank for the first time. The expected credit rating is expected to be revised within 182 days following the rating action date (October 25, 2018) as per the Calendar of planned sovereign credit rating revisions and publications.
The expected credit rating is based on the data provided by the Eurasian Development Bank, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited, and the Eurasian Development Bank participated in its assignment.
No material discrepancies between the provided information and the data officially disclosed by the Eurasian Development Bank in its financial statements have been discovered.
ACRA provided additional services to the Eurasian Development Bank. No conflicts of interest were discovered in the course of expected credit rating assignment.
