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VEB.RF’s Credit Rating of AAA(RU) and Bond Rating of AAA(RU) Reaffirmed by ACRA with Stable Outlook

2 april 2025 года
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The Analytical Credit Rating Agency (ACRA) has reaffirmed the credit rating of State Development Corporation VEB.RF (“VEB.RF”) at AAA(RU) level with a stable outlook and has reaffirmed the bond ratings of VEB.RF at AAA(RU).

According to the agency’s analysts, the credit rating of VEB.RF is at the level of the national scale credit rating of the Russian Government’s financial obligations, which is due to the very high probability of VEB.RF receiving extraordinary support from the government.

The very high level of support from the government is determined primarily by the exclusivity of VEB.RF’s functions, VEB.RF’s important role in the financial services market, and the availability of legislatively established obligations to receive financial support from the government.

ACRA believes that at present there is no possibility of transferring VEB.RF’s functions to other public- or private-sector entities. According to the agency, in the current conditions (including sanctions), VEB.RF’s role in supporting the Russian economy is becoming more significant.

According to ACRA, the key objective of the VEB.RF team in the near future and in the medium term will be to facilitate the implementation of Decree of the Russian President No. 309 of 7 May 2024 “On the National Development Goals of the Russian Federation for the Period Until 2030 and for a Longer Term Until 2036” through the implementation of investment projects of national, strategic or high-priority importance for the economy.

In accordance with the presented strategy, the total value of supported projects may exceed 30 trillion roubles in 2025–2030. VEB.RF’s activities will be structured in strategic areas such as support for large investment projects, support for technological leadership and sovereignty, support for projects in individual localities and regions, and support for exports and entrepreneurship.

The capital adequacy ratio of VEB.RF was 14.8 per cent. At the same time, the Russian Government continues to support the development of VEB.RF: contributions to the additional paid-in capital of VEB.RF totalled RUB 95.8 billion in 2024.

ACRA expects that in a scenario of systemic economic stress and/or in the event of a significant deterioration in VEB.RF’s stand-alone credit profile, the Russian Government will provide VEB.RF with sufficient extraordinary support in the form of capital or liquidity to meet creditors’ claims.
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