Aeroflot Signs Its First Sustainability-linked Loan Agreement with Sovcombank
- 28.05.2021 11:10 am
PJSC "Aeroflot" has signed sustainability-linked loan agreement with PJSC "Sovcombank". The financing costs of the revolving credit facility in the amount of $320 million will be linked to the company’s ESG performance assessed by MSCI ESG rating agency.
Aeroflot’s sustainability performance is currently rated at BB by MSCI ESG after the recent upgrade of the rating on the back of strong ecology management and lower compared to peers CO2 emissions. In April 2021, MSCI ESG re-affirmed the company's BB rating.
The MSCI ESG rating agency is one of the leaders in assessing the performance of public issuers in the field of sustainable development, such as corporate governance, social development, health and safety.
This is another loan in Sovcombank portfolio, which is linked to the borrower's obligations in the area of sustainable development
Dmitry Gusev, Chairman of the Management Board of Sovcombank, said:
“Unlike banks that refuse to lend to corporates operating in industries with high ESG risk, we strive to support companies in their efforts to bring about positive changes to their environmental policies and to how they manage their greenhouse gas emissions. These loans encourage concrete actions aimed at reducing a company's environmental footprint and contribute towards achieving global sustainability goals.”