ACRA assigns AA-(RU) to RU000A0ZYCJ8 bond issued by Bank RRDB (JSC)

Credit rating rationale. The issue represents senior unsecured debt of Bank RRDB (JSC) (the Bank). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu to other existing and future unsecured and unsubordinated debt obligations of the Bank. According to the ACRA methodology, the credit rating of the issue is equivalent to that of the Bank — AA-(RU).

The credit rating assigned to the Bank stems from its sustainable business profile, very low problem loans and strong capital adequacy. The standalone creditworthiness assessment (SCA) is under certain pressure from a high concentration of both assets and funding on the Bank’s affiliates, namely, Rosneft Group companies, and the risks arising from the active development strategy of the Bank. The rating is supported by a high likelihood of extraordinary support from the parent holding. The Bank acts as a settlements center for Rosneft and its subsidiaries, and provides a wide range of services to Rosneft counterparties, clients, and employees.

Key issue properties

Borrower

Bank RRDB (JSC)

Issuer’s credit rating

AА-(RU), outlook Stable

Actual issuer

Bank RRDB (JSC)

Type of security

Certified exchange-traded interest-bearing non-convertible unregistered bond,
001R-01 series

Issue volume

RUB 10 bln

ISIN / RegS

RU000A0ZYCJ8

Final placement date

October 10, 2017

Maturity date

October 12, 2020

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 Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating has been assigned to RU000A0ZYCJ8 bond issued by Bank RRDB (JSC) for the first time. The credit rating is expected to be revised within one year following the rating action date (October 9, 2017).

The assigned credit rating is based on the data provided by Bank RRDB (JSC), information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and Bank RRDB (JSC) participated in its assignment.

ACRA provided no additional services to Bank RRDB (JSC). No conflicts of interest were discovered in the course of credit rating assignment.

Log in

Forgot password

Sign up

Reset password

Reset password

Termsofuse

Полное использование материалов сайта разрешается только с письменного согласия правообладателя, АКРА (АО). Частичное использование материалов сайта (не более 30% текста статьи) разрешается только при условии указания гиперссылки на непосредственный адрес материала на сайте www.acra-ratings.ru . Гиперссылка должна быть размещена в подзаголовке или в первом абзаце материала. Размер шрифта гиперссылки не должен быть меньше шрифта текста используемого материала.