Expert RA has assigned a rating to Sovcombank Leasing

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AK&M 25 November 2021 17:47

On November 25, 2021, the rating agency "Expert RA" assigned the creditworthiness rating of the leasing company "Sovcombank Leasing" at the level of giAA-. The rating has a stable forecast. This is stated in the agency's message.

The rating is based on adequate market positions, high capital adequacy and operational efficiency, moderately high quality of the leasing portfolio, comfortable liquid position and adequate level of corporate governance. Financial and administrative support from the owner has a strong positive impact on the rating (100% of the company's shares are controlled by PJSC Sovcombank - a systemically significant bank with a giAA credit rating with a stable outlook from Expert RA). Sovcombank Leasing LLC is a significant subsidiary of Sovcombank PJSC Group, while there is a cross-default on its obligations in accordance with the prospectuses of Euro and ruble bonds of Sovcombank PJSC.

Sovcombank Leasing LLC (Moscow) is a company providing financial lease services, specializing in leasing of trucks and passenger vehicles (about 46% and 26% of the CHIL according to IFRS as of 01.07.2021). The main share of the customer base is accounted for by representatives of small and medium-sized businesses. The client base is characterized by a high level of stability: as of 01.07.2021, the share of repeat clients in the portfolio is about 67% of the amount owed. The head office of the company is located in Moscow, 9 more regional divisions are located in Volgograd, Yekaterinburg, Kazan, Krasnodar, Krasnoyarsk, Novosibirsk, St. Petersburg, Chelyabinsk, Yaroslavl.