The rating agency Expert RA has upgraded the credit rating of the debt instrument of Public Joint-Stock Company Segezha Group (debenture series 001P-01R) to ruA+. The debenture's previous rating was ruA-.

Issue parameters:

This issue provides for no possible additional adjustments for subordination, collateral or surety, and in this connection the Agency establishes parity between the current rating of the Issuer PJSC Segezha Group (ruA+, pos.) and bonds of series 001P-01R.

PJSC Segezha Group is one of the largest vertically integrated holdings in Russia in the wood processing and pulp and paper industries. The group is one of the key assets of AFK Sistema PJSC (ruAÀ-, pos.). The Company holds leading positions in the production of paper sacks and sack paper as well as sawn timber and plywood in Russia and in the world.

 Contacts for media: pr@raexpert.ru, tel.: +7 (495) 225-34-44.

 The credit rating of PJSC Segezha Group's debenture series 001P-01R, ISIN RU000A101D13, was first published on 30 January 2020. The previous rating press release for this rated entity was published on 29 January 2021.

 The credit rating was assigned under the Russian National Scale and is long term. The credit rating is expected to be revised within one year from its assignment or the last revision.

 In assigning the credit rating, the methodology for assigning credit ratings to debt instruments https://raexpert.ru/ratings/methods/current (entered into force on 14 May 2021) was applied.

 The assigned rating reflects all material information in relation to the rated entity available to JSC Expert RA which is deemed by the JSC Expert RA to be of appropriate reliability and quality. The key sources of information used in the rating analysis were data from the Bank of Russia and PJSC Segezha Group as well as data from JSC Expert RA. The information used by JSC Expert RA for the purpose of the rating analysis was sufficient for the methodology in all material respects.

The credit rating was assigned on the basis of a concluded agreement; PJSC Segezha Group was involved in the assignment of the rating.

The number of the Rating Committee members was sufficient to comply with quorum requirements. The leading rating analyst presented the factors influencing the rating to the members of the Rating Committee, and the members of the Committee expressed their opinions and comments. The Chairman of the Rating Committee provided an opportunity for each member of the Rating Committee to share their opinion before the start of the voting procedure.

Over the past 12 months, JSC Expert RA has provided PJSC Segezha Group with no additional services.