Due to the lack of structural and contractual subordination

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The Analytical Credit Rating Agency (ACRA) assigned a credit rating of BBB+(RU) to the issue of digital financial assets (DFA) of PR-Leasing LLC. This is the first time in the Russian Federation that a rating has been assigned to an issue of DFA.

The issue of digital financial assets took place in October 2023 on the Atomize platform and was assigned the ticker NDM_13. The issue is PR-Leasing's digital debt (digital financial assets with regular income payment similar to a bond coupon - IF) with a yield of 14% per annum. The issue term is three years, its volume is 50 million rubles.
of the issue, ACRA assesses mexico whatsapp number database the issued digital financial assets secured by rights to monetary claims as equal in priority of execution to other existing and future unsecured and unsubordinated obligations of the company, the agency reports.

"In accordance with ACRA's methodology, the level of reimbursement for unsecured debt corresponds to category II, in connection with which the credit rating of the issue is equal to the credit rating of PR-Leasing - BBB+(RU)," ACRA notes.

The Agency did not take into account the potential impact of operational risk on the fulfillment of obligations under the digital financial assets, since the risk is compensated by mechanisms to ensure the uninterrupted functioning of the system, and the security policy of the information system operator (OIS, "Atomize") is based on the regulatory documents of the Bank of Russia.

The Agency also did not assess the impact of the information system operator’s credit risk on the fulfillment of obligations under the digital financial assets, taking into account the existence of regulatory requirements for the transfer of the functionality of the intellectual property rights in the event of the realization of such a risk, the practical implementation of which is expected during 2024.

In October, ACRA confirmed the credit rating of PR-Leasing LLC and its bonds at the level of BBB+(RU), changing the forecast from stable to negative. The change is due to the continued trend of the company's assets growing at a rate that outpaces profit growth. This could lead to a decrease in the capital adequacy assessment and may generally affect the rating level, the agency reported.

"PR-Leasing" is a medium-sized universal leasing company, mainly engaged in financial leasing of vehicles and equipment for clients from various industries and regions of the Russian Federation. The company is the largest asset of the "Simple Solutions" group, which also includes the leasing company OOO "PR-Leasing.ru" and several enterprises engaged in other areas of activity.

In September, ACRA was the first Russian rating agency to announce the approval of a methodology for assigning credit ratings to digital financial assets. It was reported that, within the framework of applying this methodology, the agency plans to analyze the key features of rated digital financial asset issues, as well as identify the primary factors that determine the credit quality of the instruments under consideration, and select a specialized methodology for analyzing each of these factors.