ACRA assigns A+(RU) to Eurobond issued by PJSC Sovcombank (XS2291914971; LPN, actual issuer: SovCom Capital D.A.C.)

Credit rating rationale. SovCom Capital D.A.C., an Irish SPV, has issued LPNs. The purpose of the issuance is to provide a loan to PJSC Sovcombank (hereinafter, the Bank). The issue represents senior unsecured debt of the Bank. 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 Bank. According to ACRA’s methodology, the credit rating of the issue is equivalent to that of the Bank, i.e. A+(RU).

The credit rating is based on the Bank’s adequate business profile, risk profile, and liquidity and funding, as well as its strong capital position. The credit rating is supported by the Bank’s systemic importance for the Russian banking system.

Key issue properties

Borrower

PJSC Sovcombank

Borrower’s credit rating

A+(RU), outlook Positive

Actual issuer

SovCom Capital D.A.C.

Type of security

Eurobond (LPN)

Type of debt

Senior unsecured

Offer date

January 19, 2021

Maturity date

January 26, 2025

Issue volume

USD 300 mln

ISIN

XS2291914971

Specific terms

Cross-default in case of default by «Sovcombank Leasing», LLC and «Sovcombank insurance» (JSC)

Regulatory disclosure

The credit rating has been assigned to Eurobond (XS2291914971) 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 Eurobond (XS2291914971) issued by PJSC Sovcombank (actual issuer: SovCom Capital D.A.C.) for the first time. ACRA expects to review the credit rating within one year following the publication date of this press release.

The credit rating is based on data provided by PJSC Sovcombank, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and PJSC Sovcombank participated in its assignment. 

No material discrepancies between the provided data and data officially disclosed by PJSC Sovcombank in its financial statements have been discovered.

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

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