Ad hoc announcement pursuant to Art. 53 LR – SIX Swiss Exchange

S&PGR takes rating action on Black Sea Trade and Development Bank (BSTDB)

BSTDB announces that Standard & Poor’s Global Ratings (S&PGR), on 5 July 2024, downgraded BSTDB's long-term issuer credit rating to BBB from BBB+, and affirmed BSTDB’s A-2 short-term issuer credit rating.  S&PGR has stated the outlook to be stable and has removed the ratings from CreditWatch where they were placed with negative implications on 26 July 2023.

S&PGR stated its view that BSTDB’s public policy mandate across its region of operations has structurally decreased following its substantial balance sheet reduction over the past two years.  While S&PGR understands that BSTDB's consolidation has been agreed upon with shareholders and that this is producing near-term support to its capitalization, S&PGR considers that it has come at the expense of diminishing policy importance, a relevance it believes will take time to restore as BSTDB’s resumed lending activity remains subject to challenges from the conflict between Russia and Ukraine, two of BSTDB's main shareholders.

S&PGR notes positively that BSTDB's shareholders have agreed to the terms and process for its capital replenishment, in its view a necessary signal of commitment to the institution's viability. S&PGR also projects liquidity to remain solid over 2024-2025, following BSTDB's $412 million June 2024 Eurobond redemption.

About BSTDB

The Black Sea Trade and Development Bank (BSTDB), an international financial institution/ multilateral development bank with its headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in its member countries.

Contacts:

Mr. Ivan Larin, Treasurer

Ilarin@bstdb.orgTel: +30 2310 290456

Mr. Artur Nakhshikyan, Acting Director, External Relations and Communications

anakhshikyan@bstdb.orgTel: +30 2310 290507

The Information contained in this announcement constitutes inside information for the purposes of Article 17 of Regulation (EU) No. 596/2014 on market abuse.