Training on sovereign risk credit analysis, October 24

ACRA withdraws expected credit rating of the senior tranche of hybrid ABS planned to be issued by LLC “SFO BIB171”

ACRA has withdrawn its expected credit rating eA-(ru.sf) previously assigned to the senior tranche of the dynamic securitization transaction backed by a portfolio of industrial vehicle and construction machinery loans due to initiative of the arranger and the issuer not to place bonds within the time period determined for assigning the final credit rating. The withdrawal of the expected credit rating is due to the procedural logistics of the transaction, and not to the analytical components.

Ratings

  • The expected rating eA-(ru.sf) was previously assigned to the planned issue of RUB [1,484m] Asset Backed Fixed Rate Class A Notes.
  • Subordinated tranches in the form of Class B and Class M Notes were not rated by ACRA.

Regulatory disclosure

The principal methodology used to assign the expected credit rating was the “ACRA Methodology for Assigning Credit Ratings to Structured Finance Instruments and Obligations on the National Scale for the Russian Federation” and the Key Concepts Used by Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The expected credit rating was previously assigned to the asset-backed notes planned for issue by LLC “SFO BIB171” for the first time.

The previously assigned expected credit rating was based on the data provided by “BaikalInvestBank" JSC, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and “BaikalInvestBank" JSC participated in the rating process.

No material discrepancies between the provided information and the data officially disclosed by “BaikalInvestBank" JSC in its financial statements have been discovered.

ACRA provided no additional services to “BaikalInvestBank" JSC or LLC “SFO BIB171.” No conflicts of interest were identified in the course of the credit rating process.

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