ACRA assigns AAA(RU) to series 001P-03R (RU000A1036S6) bond issued by PJSC FGC UES

Credit rating rationale. The issue represents senior unsecured debt of PJSC FGC UES (hereinafter, the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company. According to ACRA’s methodology, the credit rating of the bond issue is equivalent to that of the Company, i.e., AAA(RU).

The credit rating of the Company is on par with the financial obligations of the Russian Government due to the high systemic importance of the Company for the Russian economy and the high influence of the state on the Company.

The bond issue will not have a significant impact on the Company’s leverage and coverage indicators. The Company has a gradual debt repayment schedule. The above, coupled with available credit lines (RUB 100 bln as of May 28, 2021) and a sufficiently high amount of cash (RUB 48.2 bln in total as of May 28, 2021), indicates the high liquidity of the Company.

The Company transmits electric power through high-voltage power transmission lines and provides connections to electrical grids. The Company is a natural monopoly, and its tariffs are subject to state regulation. Key consumers of the Company’s power transmission services include regional distribution companies, retail electricity supply companies, and large industrial enterprises, while technological connection services are consumed by power generating companies and large industrial consumers. PJSC ROSSETI owns 80.13% of the shares in the Company, 19.28% are in free float, and 0.59% are owned by the Federal Agency for State Property Management of the Russian Federation (Rosimushchestvo).

Key issue properties

Borrower

PJSC FGC UES

Issuer’s credit rating

AAA(RU), outlook Stable

Actual issuer

PJSC FGC UES

Type of security

Uncertificated non-convertible exchange-traded interest-bearing bond subject to centralized title registration, series 001P-03R

Registered issue volume

RUB 10 bln

ISIN/RegS

RU000A1036S6/4B02-03-65018-D-001P

Placement start date

June 9, 2021

Maturity date

May 21, 2036

Call option date

June 5, 2028

Regulatory disclosure

The credit rating has been assigned to the series 001P-03R (RU000A1036S6) bond issued by PJSC FGC UES 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 of 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 001P-03R (RU000A1036S6) bond issued by PJSC FGC UES 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 data provided by PJSC FGC UES, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and PJSC FGC UES participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which was, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided no additional services to PJSC FGC UES. No conflicts of interest were discovered in the course of credit rating assignment.

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