ACRA assigns BB+(RU) to bonds issued by LLC “RSG-Finance”

Credit rating rationale. RSG International Ltd, a holding company of KORTROS Group, acts as a guarantor for all bond issues of LLC “RSG-Finance”. The issues represent senior unsecured debt of KORTROS Group (hereinafter – the Group, KORTROS). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them 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 reimbursement rate for unsecured debt relates to category I; hence, the credit rating of the issues is equivalent to that of RSG International Ltd, i.e. BB+(RU).

The credit rating of RSG International Ltd is due to a very high industry risk and a low debt service assessment. On the other hand, a strong operating profile, a high business profitability, and a strong liquidity are factors that support the credit rating of RSG International Ltd.

Key issue properties

Issuer

RSG International Ltd

Issuer’s credit rating

BB+(RU), outlook Stable

Actual issuer

LLC “RSG-Finance”

Type of security

Exchange-traded interest-bearing certified unregistered bond, 4B02-01-36399-R

Issue volume

RUB 3 bln

ISIN RegS

RU000A0JUAG0

Final placement date

November 26,2013

Maturity date

November 11, 2025

 

Issuer

RSG International Ltd

Issuer’s credit rating

BB+(RU), outlook Stable

Actual issuer

LLC “RSG-Finance”

Type of security

Exchange-traded interest-bearing certified unregistered bond, 4B02-02-36399-R

Issue volume

RUB 3 bln

ISIN RegS

RU000A0JVSA3

Final placement date

September 22, 2015

Maturity date

September 18, 2018

 

Issuer

RSG International Ltd

Issuer’s credit rating

BB+(RU), outlook Stable

Actual issuer

LLC “RSG-Finance”

Type of security

Exchange-traded interest-bearing certified unregistered bond, 4B02-06-36399-R

Issue volume

RUB 3 bln

ISIN RegS

RU000A0JWQX7

Final placement date

August 25, 2016

Maturity date

August 22, 2019

 

Issuer

RSG International Ltd

Issuer’s credit rating

BB+(RU), outlook Stable

Actual issuer

LLC “RSG-Finance”

Type of security

Exchange-traded interest-bearing certified unregistered bond, 4B02-07-36399-R

Issue volume

RUB 3 bln

ISIN RegS

RU000A0JXN13

Final placement date

April 7, 2017

Maturity date

April 1, 2022

 

Issuer

RSG International Ltd

Issuer’s credit rating

BB+(RU), outlook Stable

Actual issuer

LLC “RSG-Finance”

Type of security

Exchange-traded interest-bearing certified unregistered bond, 4B02-10-36399-R

Issue volume

RUB 1 bln

ISIN RegS

RU000A0JWLJ7

Final placement date

June 24, 2016

Maturity date

June 18, 2021

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation and is 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 bond issues (RU000A0JUAG0, RU000A0JVSA3, RU000A0JWQX7, RU000A0JXN13, RU000A0JWLJ7) of LLC “RSG-Finance” for the first time. The credit rating is expected to be revised within one year following the rating action date (August 7, 2017).

The assigned credit rating is based on the data provided by LLC “RSG-Finance”, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and LLC “RSG-Finance” participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by LLC “RSG-Finance” in its financial statements have been discovered. ACRA provided no additional services to LLC “RSG-Finance”. No conflicts of interest were discovered in the course of credit rating assignment.

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