ACRA upgrades P01-BO-02 (RU000A101D54) bond issued by LLC "GTLK-1520" to AА-(RU)

The credit rating of RU000A101D54 bond issued by LLC “GTLK-1520” (hereinafter, the Issuer) has been upgraded following the upgrade of the credit rating of JSC “GTLK”, the Issuer's parent company acting as a guarantor for the issue (hereinafter, the Guarantor) to AA-(RU), outlook Stable, on June 7, 2021. According to the issue documentation that includes an irrevocable call option, the Guarantor is to be liable for the Issuer’s failure to perform and/or improper performance of its obligations to repay the principal and pay coupon amounts to bondholders.

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 Guarantor. According to the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments on the National Scale for the Russian Federation, the Guarantor's recovery rates under senior unsecured debt correspond to category II; therefore, the credit rating of the issue is equivalent to that of the Guarantor, i. e. AA-(RU).

The credit rating of the Guarantor is based on a very high likelihood of extraordinary support from the Government of the Russian Federation. The credit rating is on par with the Russian Federation minus three notches.

Key issue properties

Issuer

LLC “GTLK-1520”

Issuer’s credit rating

None

Guarantor

JSC “GTLK”

Guarantor’s credit rating

АА-(RU), outlook Stable

Type of security

Exchange-traded interest-bearing amortized  bearer bond, P01-BO-02 series

ISIN

RU000A101D54

Issue volume

RUB 35.6 bln

Outstanding amount

RUB 31.15 bln

Placement date

January 31, 2020

Maturity

January 18, 2030

Start date of amortization and coupon payments

91st day after placement

Coupon period

91 days

Regulatory disclosure

The credit rating was assigned to series P01-BO-02 (RU000A101D54) bond of LLC “GTLK-1520” 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.

The credit rating of series P01-BO-02 (RU000A101D54) bond issued by LLC “GTLK-1520” was published by ACRA for the first time on January 31, 2020. The credit rating is expected to be revised within one year following the publication date of this press release.

The credit rating is based on the data provided by JSC “GTLK”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC “GTLK” 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 JSC “GTLK” and LLC “GTLK-1520”. No conflicts of interest were discovered in the course of credit rating assignment.

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