ACRA assigns А-(RU) to RU000A0ZZ8T2 bond issued by Joint Stock West Siberian Commercial Bank

Credit rating rationale. The issue represents senior unsecured debt of Joint Stock West Siberian Commercial Bank. 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 Bank in terms of priority. According to the ACRA methodology, the credit rating of the issue is equivalent to that of Joint Stock West Siberian Commercial Bank, i.e. A-(RU).

The credit rating of Joint Stock West Siberian Commercial Bank is based on its stable business profile and strong capital adequacy position, and adequate risk profile and funding and liquidity factor assessment. The Bank’s standalone creditworthiness assessment (SCA) is under certain pressure from a substantial dependence of its resource base on funds of individuals.

Key issue properties

Issuer

Joint Stock West Siberian Commercial Bank

Issuer’s credit rating

А-(RU), outlook Stable

Actual issuer

Joint Stock West Siberian Commercial Bank

Type of security

Certified exchange-traded interest-bearing non-convertible unregistered bond,
BO-P01 series

Issue volume

RUB 2 bln

ISIN / Identification number

RU000A0ZZ8T2 / 4В020100918В001Р

Maturity date

June 15, 2021

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 Under 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 BO-P01 series bond (RU000A0ZZ8T2) of Joint Stock West Siberian Commercial Bank for the first time. The credit rating is expected to be revised within one year following the rating action date (June 4, 2018).

The assigned credit rating is based on the data provided by Joint Stock West Siberian Commercial Bank, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Joint Stock West Siberian Commercial Bank participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by Joint Stock West Siberian Commercial Bank in its financial statements have been discovered.

ACRA provided additional services to Joint Stock West Siberian Commercial Bank. No conflicts of interest were discovered in the course of credit rating assignment.

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