Russian rating agency Expert RA has assigned PJSC Aeroflot (“the Company”, Moscow Exchange ticker: AFLT) a credit rating of ruAA- with stable outlook. It is the first credit rating assigned to the Company by the Russian credit agency on a national scale.

In its release, Expert RA highlighted the unprecedented impact of the pandemic on aviation and Aeroflot Group’s operations, as well as the fact that "the Company's operating results for 2020 are better compared to its global peers due to a faster recovery of the domestic market and partial reopening of international flights in the summer season".

The rating agency positively assessed Company's actions to improve liquidity: "in addition to optimizing its investment program and restructuring lease payments in 2020, Aeroflot Group conducted public equity offering in October 2020 and raised 80 billion rubles."

The assigned rating also reflects the systemic importance of the Company, its role in servicing social routes to the Russian Far East and utilization of locally produced aircraft.

Andrey Chikhanchin, Aeroflot Deputy CEO for Commerce and Finance, commented: “Credit rating on the national scale from Expert RA improves Aeroflot's capability to raise debt financing, which is especially important in the current pandemic environment.”