30 December 2025

Analytical Credit Rating Agency (hereinafter referred as ‘ACRA’ or ‘the agency’) has affirmed the long-term credit rating of Russian Agricultural Bank (hereinafter as ‘RusAg’ or ‘the Bank’) at AA(RU). ACRA has also affirmed the rating on the Bank’s senior unsecured debt at AA(RU). The Bank’s standalone creditworthiness assessment has been upgraded by one notch from bbb to bbb+. In addition, the credit rating on the Bank’s subordinated perpetual bonds has been upgraded by two notches from B+(RU) to BB(RU).

The affirmation reflects RusAg’s very high systemic importance to the Russian economy and national banking system, as well as its leading position in the agricultural sector, which is strategically important for the state.

The agency notes the Bank’s robust franchise and significant positions in agricultural lending and within the broader Russian banking system.

According to ACRA, RusAg maintains a conservative approach to loan portfolio expansion, which support effective credit risk management amid an unpredictable operating environment.

The upgrade in the Bank’s standalone creditworthiness assessment is primarily driven by an improved assessment of capital adequacy, underpinned by sustained capital generation and maintained capital adequacy ratios.

ACRA highlights the Bank’s continued efforts to reduce the volume and share of problem and potentially problem loans in its loan portfolio while maintaining acceptable levels of concentration and market risk.

RSHB’s funding and liquidity position is assessed as adequate. The Bank’s funding structure remains balanced and well-diversified between funds from corporate and retail clients, with low dependence on its largest creditor groups.