ACRA assigns A(RU) to series BO-P01 (RU000A102952) bond issued by LLC VIS FINANCE

Credit rating rationale. The issue of LLC VIS FINANCE (hereinafter, the Company), a part of VIS Group (JSC), is, according to ACRA’s methodology, the Company’s senior unsecured debt, which is secured by a joint guarantee from VIS Group (JSC) (hereinafter, the Guarantor). 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. According to ACRA’s methodology and given the high level of creditworthiness and the average debt load of the Guarantor, the credit rating of the Company’s issue is equal to the credit rating of the Guarantor, i.e., A(RU).

This issue will not have a significant impact on debt load or debt service coverage of the Guarantor, as cash from the issue will be used to finance the investment stages of transport infrastructure construction projects under current concession agreements, substitute currency loans, and cover costs of the exchange-traded bond issue. When determining the debt load, ACRA uses indicators of adjusted debt that does not include debt under concession agreements. This is due to the fact that, according to the terms of the concession agreements implemented by the Guarantor, the senior (bank) debt and the junior debt (contribution of the concessionaire, private partner) are subject to full compensation if the concession agreements are terminated early.

The Guarantor is an investment infrastructure holding that has commissioned 98 infrastructure facilities nationwide and currently has one of the largest portfolios of concessions and PPP projects in Russia, including large and significant projects like the construction and operation of the Khabarovsk Bypass Highway, construction and operation of bridges across Kaliningrad Bay and over the Lena River near Yakutsk. 99% of the Guarantor’s shares are owned by I.A. Snegurov.

Key issue properties


VIS Group (JSC)

Guarantor’s credit rating

A(RU), outlook Stable

Actual issuer


Type of security

Uncertified non-convertible exchange-traded interest-bearing bond subject to centralized title registration,
 series BO-P01

Issue volume

RUB 2.5 bln



Placement start date

October 20, 2020

Maturity date

October 12, 2027

Put option date

October 20, 2023

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments on 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 BO-P01 (RU000A102952) bonds issued by LLC VIS FINANCE 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 the data provided by VIS Group (JSC), information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and VIS Group (JSC) participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by VIS Group (JSC) in its financial statements have been discovered.

ACRA provided no additional services to LLC VIS FINANCE or VIS Group (JSC). No conflicts of interest were discovered in the course of credit rating assignment.

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