Rating agency A.M. Best Company.
A.M. BEST COMPANY is International Rating Agency for Securities and birzham With headquarters in Oldwick, New Jersey, appointed nationally recognized statistical rating company (NRSRO).
History agency A.M. Best Company.
In New York, in 1899, Alfred M. Best was founded, in 1965 the firm moved to Morristown, New Jersey, and later in 1974, in Oldwick, New Jersey. It also has a representative office in London and Hong Kong, as well as a news bureau in Washington, District.
Additional technical information
In addition, our reports may include additional information obtained by us, such as:
The data provided in response to our questionnaires.
Audit conclusions, prepared certified public accountants.
Loss-Reserve Reports prepared by the Loss-Reserve of specialists.
Annual reports for shareholders and insurers.
Generally accepted principles accounting (GAAP) or international standards Financial Reporting (IFRS) of Financial Reporting.
Submitted to the Securities Commission and birzham (SEC) in the USA.
While the information obtained from these sources of those considered reliable, its accuracy is not guaranteed. Am Best does not spend audit The financial statements of the company or application, and therefore cannot confirm the accuracy of the information provided to us. Consequently, no assurances or guarantees Made or given regarding accuracy or completeness of information and is not responsible can be taken for any errors, omissions or inaccuracies in our reports.
Rating agency MorningStar
MorningStar is International rating agency in the United States. Specializes in collecting and analyzing information on mutual investment funds. Offers mine consumers Databases, reviews, training courses, analytical tools and software. The agency keeps under the supervision of about 8,000 funds operating in the United States (most of the mutual funds operating in the country). Information about mutual funds for CNN, The New York Times, Money, Yahoo.com, SmartMoney.com.
About MorningStar
MorningStar, is the lead supplier independent investment research in North America, Europe, Australia and Asia. We offer wide products and services for physical. persons financial consultants and institutes.
Morningstar provides data on approximately 433,000 investment proposals, including promotions, mutual investment funds and similar vehicles, as well as real-time global market data for nearly 10 million shares, indexes, futures, options, commodities, and, in addition to foreign currency and markets. Morningstar also offers investment management services and employs about 166 billion dollars in assets under consulting, or management as of June 30, 2013. We have operations in 27 countries. Morningstar Australia Works in Australia and New Zealand since 1999. The flagship of the company retail websites, www.morningstar.com.au and www.morningstar.net.nz, offer comprehensive data and objective information about more than 12,000 managed stock funds and 2000 are available for individual investors in Australia and New Zealand, including The number of its own Morningstar for 250 separate shares and 300 investment strategies extends through 4,000 individual funds. The site also offers independent editorial materials of MorningStar analysts and journalists working in Sydney and around the world. In addition to investing, Morningstar Australia provides a wide range of innovative products and services for investors, consultants and institutions. These include Morningstar ® WORKSTIATION ™ Advisor, a comprehensive, web investment planning system, and Morningstar Direct ™, a global institutional investment analysis platform. The company also licenses Foundation and stock DataFeeds, publishes newsletters and investor trade journals, and sells stock research and analysis shares.
Initially, the idea of \u200b\u200bMorningstar came founder Joe Mansueto In 1982, when considering the annual reports of mutual funds, which at his request came from several well-known fund managers. Subsequently, Morningstar was founded in 1984, in Chicago two-room room With an initial attachment of $ 80,000. The name MorningStar was taken from the last sentence in Walden, the book Henry David Toro; "The Sun Is But A Morning Star".
In July 1999, Morningstar accepted investments by $ 91 million from SoftBank in exchange for 20% of the organization's shares. Both firms have created a joint venture in Japan.
Primary public sentence Morningstar was carried out on May 3, 2005 with 7.61,500 shares at 18.50 $ each. The path that Morningstar gave publicity is known. They began to follow the steps and use the OpenIPO method, and not the traditional method.
This allowed individual investors to offer price at the price of stock and gave all investors equal access.
Since December 2008, Joe Mansueto approximately belonged to the appeal of 57% of the shares.
National rating agency
National International Rating Agency isrussian agency that exhibits ratings to participants financial market Since the beginning of 2000 and includes the composition of the leading international rating agencies of the Russian Federation. Initially, the first rated projects were carried out in information and analytical management of Naphor. Trial project "Ratings investment companies"Was created in 2002. The development of the agency under the brand "National International Rating Agency" began since 2004. Currently, the "National International Rating Agency" assigns ratings more than 700 Russian companies for 50 indicators quarterly (among these companies such as: manager and investment firms, insurance organizations, banks, non-bank credit companies, issuers, registrars, enterprises of the real sector of the economy, pension funds). All ratings can be divided into two types - individual and remote.
About the Agency National Rating Agency
"National International Rating Agency" - agency that unites the professional Analystov and the risk of managers. We set ourselves the goal is not only our own development, but also to promote the development of rating services in the Russian Federation. We hope that experience accumulated by us allows us to create objective ratings and to prevent comfortable working conditions to all our customers and partners.
The "National International Rating Agency" (NRA) operates since 2000 and is one of the leading independent rating agencies of the Russian Federation. To date, more than 200 legal entities are customers of NRA on assigned contact ratings. More than 800 companies and banks Participates in other information projects of NRA, whose materials are regularly published in the media, on the Agency's website and social networks. Among them are banks, insurance, investment and manager firms, leasing organizations, non-bank credit companies, enterprises of the real sector of the economy, pension funds, registrars, many of which are public companies and have market (stock) quotes of debt and share capital.
The first ranking projects were implemented as part of the information and analytical management of Naphor. In 2002 was created pilot project "Ratings of investment companies." Since 2004, the Agency has been developing under the brand "National International Rating Agency".
Since 2008, NRA follows code professional ethics Russian international rating agencies approved by the SRO NFA Council.
In September 2010, the Agency was among the first to accredit the minister of the Russian Federation, thereby confirming the highest level of the rating ratings assigned.
NRA ratings are officially recognized as state regulators of the Russian financial market, government departments and corporations, professional associations of enterprises, as well as the largest companies - professional participants. In particular, the Bank of Russia, Vnesheconombank, the FSFR of the Russian Federation, the State Corporation "Russian Nanotechnology Corporation" (RUSNANO), the Ministry of Agriculture of Russia, the Agency of Mortgage and Housing Lending (AHML), the markets of shares of RTS OJSC and CJSC FB MICEX, National Association of Participants stock market (Naphor), National Stock Association (NFA), National League of Governors (HLL), Association of Russian Banks (ARB).
The Agency has an affiliate Affiliate Agency in Ukraine (an independent rating agency) and since 2011 is an existing member of the European Association of International Rating Agencies (EASRA).
NRA today is a professional team of analysts who have considerable experience in large companies and banks in the financial, stock and insurance market of the Russian Federation. Decisions on the assignment of ratings are accepted by the collegial authority (rating committee), which, together with professional experience, avoids subjective errors and eliminates non-professional judgments.
Along with the assignment of ratings, we are actively implementing socially significant projects. Among them, introducing together with large Russian auditors of the Unified Methodology for calculating profitability trust management Based on Global Investment Standards (GIPS), "Ranking Quality Management Quality Asset Management Ranking Ranking Ranking", "Ranking Financial Sustainability of Banks", "Bank Liquidity Barometer", "Forest Management Ranking in Subjects of the Russian Federation" Together with WWF.
At the moment, the "National International Rating Agency" supports ratings and rankings in the following areas:
For each segment is accumulated by Statistics, which is in open access on our website in the relevant sections. In addition, you can familiarize yourself with the current indicators of the company's activities by selecting the group of companies that interest you grouped by industry-specific sign.
Also about the agency:
2002.
2004
Naphor reports the creation of an international rating agency (RA Naphor) on the basis of its information and analytical management. The decision to establish the agency was taken at a meeting of the Board of Directors of the Association on March 30, 2004.
The management activity has long been beyond the activities of the Association itself. Ratings are assigned not only to member organizations
Naphor, and the number of companies interested in participating in the ratings is growing steadily. Experts Naphor believes that the expansion of the circle of the market participants of the market will allow more objectively to assess the position of each of them.
Ra Naugher is a non-profit project, involving the participation of any firm in the ranking free of charge. As Viktor Chetverikov, Head of the International Rating Agency Naphor, on the Association website, the Agency's analytical products and will be placed in free access.
Monitoring the rating of market participants will allow you to quickly monitor any qualitative changes in their financial condition, "Viktor Chetverikov stressed. "I hope our activities will contribute to increasing transparency in the market," he added.
2006
July - "Ra Nahor" significantly expanded his profile activities, changed the name on the National International Rating Agency LLC (NRA).
2008 year
December - Board of Directors russian Central Bank Included NRA in the list of agencies whose ratings are applied central bank
In accordance with the provision russian Central Bank Of October 16, 2008 No. 323-P "On the provision of Russian CB to Russian Credit Organizations without securing" Bank Directors
On December 11, 2008, the Russian Federation decided to include the National International Rating Agency to the list of agencies whose ratings apply centerbank To assess the credit costs of credit institutions.
December - Rosnano GC provided the opportunity to provide the services of an investment adviser to non-participating companies who have a rating of NRA (not lower than "A-").
Banks having an individual rating of the National International Rating Agency are not lower than A-, the opportunity to provide adviser services in the implementation of investment projects of the State Corporation "Russian Nanotechnology Corporation".
In particular, the task of the adviser includes the development of proposals for the company of the company's project teams of project teams "Rosnano", including KPI systems and project option programs.
October - Vnesheconombank provided the possibility of obtaining a subordinated loan to banks having a rating of NRA (not lower than "VVD-").
20.10.2008 The Supervisory Board of Vnesheconombank approved the procedure for the implementation of the State Corporation "Development and foreign economic activity (Vnesheconombank) "measures provided for in Articles 4 and 6 of the Federal Law of October 13, 2008 No. 173-FZ" On Additional Support Measures financial system Russia. According to the decision taken on Monday, October 20, 2008, banks ranked
The "National International Rating Agency" of long-term creditworthiness is not lower than the "VVT-" version of the National International Rating Agency have the opportunity to submit an application to Vnesheconombank for consideration of the possibility of obtaining a subordinated loan.
February - NRA has passed accreditation at the SRO National Stock (NFA). NRA confirms its intention to follow the principles code Professional ethics of Russian international rating agencies developed by the Special Working Group of the NFA on the rating.
Today, February 5, 2008, the SRO Council of the National Stock association (NFA) approved professional ethics of Russian international rating agencies, developed by the Special Working Group of the NFA on the ranking.
The working group included the following international rating agencies: the National International Rating Agency, AK & M and Rusory.
The source press release says: "When developing the Code, key standards of the Codex of the basic provisions of the professional ethics of IOSCO credit ratings agencies, criteria for the admissibility of international rating agencies contained in the Bank of the Basel Banking Committee
supervision "International Convergence of Capital Measuring and Capital Standards: New Approaches" (Basel II), the best practice of Russian international rating agencies. "
The creation of this Code is necessary to establish high standards for the behavior of Russian international rating agencies, as well as raising the level of protection of investors, efficiency and transparency of the financial market and the economy as a whole.
year 2009
April - NRA entered the list of international rating agencies whose assessments are taken into account when calculating the minimum levels of issuer credit ratings ( cash emissions) Securities for the inclusion and maintenance of securities in the quotation list of CJSC MICEX CJSC "A" of the first level.
On April 16, 2009, the Board of Directors of CJSC FB MICEX approved a list of international rating agencies and minimal levels of credit ratings of issuers (issuing securities) of securities to include and maintain securities in the quotation list of CJSC MICEX "A" of the first level.
The approval of this list was the continuation of the work of the Exchange to improve the quality of securities included in the quotation lists and is associated with the introduction of a new version of the listing rules, admission to the placement and applying of securities in CJSC FB MICEX, approved by the Board of Directors of the FB MICEX CJSC February 3, 2009 (hereinafter - Rules listing).
In particular, the new edition of the rules listing Supplepeted by the requirement for issuers in the quotation list of CJSC MICEX CJSC "A" of the first level, on the presence of the issuer and / or emission of securities of the bonds of this issuer of the credit rating of one of the international rating agencies. At the same time, paragraph 2 of Article 36 and paragraph 3 of Article 38 of the Rules of Listing, it is envisaged that the level of issuer's rating and / or emission of the Bonds of this Issuer, as well as a list of international rating agencies is established by the Board of Directors of CJSC MICEX. " The specified requirement applies to bonds of corporate issuers, as well as issuers of subfederal and municipal bonds, and enters into force on April 17, 2009.
2010 year
October - NRA successfully passed the accreditation procedure at ministry of Finance Russia, as a result of which the Agency is included in the register of accredited international rating agencies.
May - NRA launches its own project: a series of risk management conferences.
Rating agency Expert RA
International rating agency " expert RA "is Leading Russian international rating agency. It is part of the group of companies "", being one of his informational research projects. Based in 1997. In 2002, it was created with the AK & M International Rating Agency, under which joint work on the ratings of the subjects of Russia and the municipalities are underway. The international rating agency is also assigning corporate governance ratings, the reliability of insurance companies, the quality of assets management of funds, reliability of pension funds, the quality of managing companies. Accredit for ministry of Finance RF.
Agency Agency Expert RA
The international rating agency "Expert RA" can be attributed to the number of successful Russian projects for the development of rating activities. Created before the crisis of 1998, it significantly expanded its presence on russian market rating services over the past decade. Developed several new rating products, traditional developed significantly.
The activities of the agency can be considered longer, if we consider not only the financial stability rating created by the Expert RA Agency in 2001, but also to take into account its predecessor, the "Efficiency - profitability" rating, which was developed by the Journal of Expert Long before the crisis 1998. The rating of financial sustainability is published so far, despite some limited possibilities. It uses bank balance sheets for second-order accounts as the source data, as well as operating statements on these accounts.
The classification of banks by financial stability groups is carried out on the basis of the scoring weighing of a number of indicators of capital adequacy, liquidity, quality of assets, profitability and management assessment. At the same time, ranking on financial stability inside more or less homogeneous in terms of size and nature of the Group's activities.
In the family of ratings "Expert RA", classical credit ratings of companies of all spheres of economics, regions and municipalities, as well as ratings characterizing various aspects of social responsibility companies: corporate governance rating, environmental responsibility rating of companies.
The Agency also regularly publishes the ranked lists of the largest companies in the Russian Federation (project "Expert-400") and leaders in certain sectors and sectors of the economy. Since 1996, "Expert RA" prepares annually and publishes the rating of investment attractiveness of the regions of the Russian Federation. This information is published in the "Expert" journal - a popular source of business information in the Russian Federation. The first credit ratings "Expert RA" has awarded in 2001 the main objective of credit ratings - providing a comprehensive and independent assessment of the creditworthiness of companies and regions. Currently, the "Expert RA" credit ratings received hundreds of companies in the financial and real sectors of the economy (including banks, organizations from the CIS countries), as well as subjects of Russia.
Since 2003, the international rating agency "Expert RA" assigns companies to environmental responsibility ratings, allowing to reliably assess the effectiveness of environmental protection. The rating technique received the approval of the World Wildlife Foundation and other non-governmental environmental organizations. Currently, environmental ratings are assigned to more than 30 companies.
We make the economy transparent
"Expert RA" is the largest rating agency in the Russian Federation with a 15-year history. "Expert RA" is a leader in the field of rating, as well as research and communication activities.
To date, the Agency has been assigned more than 600 individual ratings. "Expert RA" owns the 1st place and 40% of the total number of assigned ratings in the Russian Federation, 1st place by the number of bank ratings, insurance and leasing companies, NPF, microfinance organizations, warranty funds and non-financial sector companies.
Since 2013, the Agency assigns sovereign ratings to countries, as well as ratings to companies, banks, subfederal and municipal creditors on the international scale. The agency also assigns ratings on national scales of countries in which has its own representative offices (in Kazakhstan and Belarus).
The international rating agency "Expert RA" accredited at mines of the Russian Federation. Ratings "Expert RA" are included in the list of official requirements for banks, insurers, pension funds, issuers. The agency is officially recognized FSFR, Central Bank of Russia, Vnesheconombank of the Russian Federation, Moscow Exchange, Mortgage Management Agency, Deposit Insurance Agency, Professional Associations and Self-Regulatory Organizations (WCS, Association "Russia", Strategic Research Agency, RSA, NWL, NDU, NSH, NFA), as well as hundreds of companies and organs authorities When carrying out auctions and tenders.
Communication and analytical projects
We form the economic ideology of the country
The agency solves the key problems of the country together with the Government of the Russian Federation, the State Duma, the Federation Council, the Public Chamber, and Public trusts and regional authorities. Most of the projects are comprehensive and includes research and communications (by analogy with Think Tank technology - the development of knowledge and its introduction into public consciousness and power).
Future of the financial system of the Russian Federation.
Industrial policy.
Technologies of regional development.
Innovative development technologies.
professional Associations and Self-Regulatory Firms: WCS association "Russia", Rs, PPA, NLU, NSG, NFA
About 80 diplomas awards And grateful letters received an "expert RA" and his staff during their existence.
Expand information space
The annual increase in citement in the media is an average of 15%. By the number of mentions in the media among international rating agencies "Expert RA" is not inferior to foreign agencies and enters the top three leaders. Articles Analystov Agencies Published: Newspaper "Kommersant", "Expert" magazine, profile publication. We are quoted: Vedomosti RBC Daily, Izvestia, Russian newspaper, Russia 24, RBC TV and other media. Daily attendance of the site up to 15,000 people.
Team of like-minded people
The agency - the core of the analytical block of the Media Holding "Expert", which also includes an analytical center "Expert", representation of the international rating agency Expert RA in Kazakhstan. The number of employees (about 140 people) "Expert RA" is the largest communication and analytical center. The average age of employees is 25-30 years. According to various marketing research, these people are the basis of any economy, the most active part of the country's population.
2007 - the year of the 10th anniversary of the activities of the international rating agency "Expert RA". During this time, we went away from a small group of specialists in the individual segments of the economy to a powerful analytical center performing a wide range of works: from generating an independent opinion on the development of the country's economy before providing information exchange between companies, state power, mass media.
Expert RA - the first independent national international rating agency, which began to draw up a list of the largest companies in the Russian Federation - Expert-400 rating and the investment attractiveness of the regions. We were the first to pay attention to the professional community on the problems of risk management, the preparation of annual reports, putting them on an open discussion. We first began to assign credit ratings by insurance, leasing companies, the quality ratings of managing companies.
For this decade, Expert RA has taken leading positions in drawing up ratings, conducting analytical research and business activities for many sectors of the economy: ranging from audit and consulting and ending with the financial sphere and industry.
Code of Professional Ethics "Expert RA"
Expert RA publishes a number of rating ratings, the most common of which are credit ratings. Credit rating is the current assessment of the ability of a subject or cash emissions of papers financial obligations On time, not by the statement of this or past facts. The ratings of the Oblla Rail commitments are displayed through the gradual system, using the characters "A ++" - "A" to designate issuers and tools of the "investment level" with a relatively low probability of default. The characters "B ++" - "D" are used to designate issuers and emissions that fall into the "speculative level" area denoting a relatively high probability of default and default itself. Ratings definitions are available on the website www.raexpert.ru. Ratings are applicable to both different entities, including regions and corporations and to the row of instruments.
Ratings are not advice or recommendation. Expert RA publishes its ratings, assuming that everyone will conduct its own research and evaluation of each paper in question (Issuer). The credit ratings "Expert RA" are based on information received by Expert RA from sources that are considered trustworthy. Expert RA is usually relied on issuers and their agents in terms of providing accurate, timely and full information.
"Expert RA" holds full editorial control On the content of publications related to credit ratings. The editorial "Expert RA" includes the right to decide when to publish a credit rating or any information related to it, with the exception of cases where the public disclosure of the credit rating is excluded by the contract.
Basics of the Ethical Code for Credit International Rating Agencies
Credit international rating agencies can play an important role in the modern capital markets. Credit international rating agencies usually express an opinion on the credit risk of securities and financial obligations of issuers. Given a huge amount of information to an affordable investor - both valuable and no - Credit international rating agencies can play an important role in helping investors and other analyzing this information and credit risks with which they are dealing with a concrete creditor or buying the issuer's debts and paper similar to debt.
IOSCO principles were intended as a useful tool for securities regulators, international rating agencies and other people who wish to describe the conditions under which credit international rating agencies work and ways to use rating assessments by market participants. Since credit international rating agencies are regulated and operate differently in various jurisdictions, IOSCO principles only put a high-level task that international rating agencies, regulators and others must decide to improve investor protection, as well as for justice, efficiency and transparency of securities markets and Reduced systemic risks on them. The IOSCO principles were developed for applying all existing types of credit international rating agencies operating in various jurisdictions. However, given the differences in market, legal and supervisory conditions in which credit international rating agencies work, as well as their differences in the amount and business models, the following principles are left to the discretion of credit international rating agencies. Principles assume that various mechanisms can be used, including market and regulatory.
Together with the principles of IOSCO, the Technical Committee published a report on the activities of credit international rating agencies, which outlined the activities of credit international rating agencies, regulatory issues related to such activities and how the IOSCO principles react to these problems. The report put forward the growing and sometimes controversial meaning attached to the judgments and estimates of credit international rating agencies, and found that in some cases the activities of credit international rating agencies are not always correctly interpreted by both investors and issuers. Given such a lack of understanding, as well as minor formal regulation and supervision of credit international rating agencies in most jurisdictions, fears were made regarding the methods of protecting the integrity of the rating process, ensuring objective treatment of investors and issuers and guarantees of confidentiality of information provided by issuers of credit international rating agencies. .
Following the publication of the IOSCO principles, some commentators, including part of credit international rating agencies, suggested that it would be useful if IOSCO will develop a more specific and detailed ethical code that served as a guide to the practical implementation of the principles. The foundations of the Ethical Code for credit international rating agencies were the answer to these expectations. Together with the principles of the IOSCO with which they should be applied, the basics of the IOSCO code were developed as part of the discussion of IOSCO members, credit international rating agencies, representatives of the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervision (IAIS), Issuers and the general public .
The basics of the IOSCO Code offer a set of clear and practical measures leading to the achievement of the goals set out in the IOSCO principles. These measures serve as the basis for individual Credit International Codetes of Credit International Rating Agencies and they must receive full support. management Agencies and be supported by coercion and compliance mechanisms. However, the list of measures given in the basics of the IOSCO Code is not exhaustive: Credit International Rating Agencies and Regulators should consider the need for additional measures to adequately comply with the principles in specific jurisdiction, in addition, the Technical Committee can recycle the basics of the IOSCO code in the future, if events.
The basics of the IOSCO Code offer only those measures that credit international rating agencies should take to ensure that IOSCO principles. The basics of the IOSCO Code do not concern no less important issues of cooperation from issuers in terms of granting full and accurate information to the market and credit international rating agencies, which they order ratings. Although the foundations of the IOSCO Code are dealing with the obligations of credit international rating agencies to the issuers, the main purpose of the IOSCO codes is to ensure investor protection using the guaranteed integrity of the rating process. IOSCO members suggest that credit ratings, in addition to many other appointments, exist mainly to facilitate the assessment by the credit risk investor with which they face, carrying out concrete. The preservation of the independence of credit international rating agencies towards rating issuers is important to achieve this goal. The provisions of the IOSCO Code of Conditions are dealing with the obligations of credit international rating agencies before issuers developed to improve the quality of credit ratings and the degrees of their usefulness for investors. These provisions should not be interpreted into the independence of credit international rating agencies and their ability to issue timely rating assessments.
Like the IOSCO principles, the basics of the IOSCO code promised to be useful to all types of credit international rating agencies that are based on various business models. Types of mechanisms and procedures that credit international rating agencies are used to guarantee the provisions of the IOSCO Code of Fundamentaries may vary depending on the market or legislative context in which the credit international rating agency has.
The basics of the IOSCO Code were developed for use, both to all credit international rating agencies and all their full and partial employment staff. The employee of the credit international rating agency hired mainly as a credit, hereinafter referred to as "Analystom". For the purposes of the foundation of the IOSCO Code, the term "credit international rating agency" refers to those companies whose activities are associated with the publication of credit ratings giving evaluation credit risk Issuers of debt and similar debt securities. For the purposes of the foundations of the IOSCO code under the term "credit rating", it means that the creditworthiness of the subject, the obligations, debt and similar debt paper or the issuer of such papers expressed using a recognized and specific system is implied. As described in the report on the activities of credit international rating agencies, credit ratings are not recommendations of purchase, sales or storage no securities.
As described in the IOSCO principles, credit international rating agencies should strive to publish estimates that would help reduce asymmetry of information between creditors and issuers of debt and similar debt securities, on the one hand, and borrowers and buyers of debt and similar debt securities, on the other. Rating analysis of low quality or analysis carried out with dubious integrity is not needed by market participants.
Outdated ratings that do not reflect changes in the financial situation or the prospects of the issuer may be misleading market participants. Moreover, conflict of interests or other inadequate forces - external or internal - which may, or even really encroach on the independence of rating solutions can undermine the credibility of the loan international rating agency. If the conflict of interests or lack of independence is commonly commonly for credit international rating agencies and hides from investors, their overall confidence in the transparency and integrity of the market can be caused by irreparable damage. Credit international rating agencies are also responsible to investors and issuers themselves, including in terms of the security of the confidentiality of the part of the information they are divided with the Agency. To achieve the goals set out in the IOSCO principles, which must be considered with the basics of the IOSCO Code, the credit international rating agency must accept, publish and adhere to the Ethics Code.
Expert RA should enter and use procedures guaranteeing that all the extended "expert" of the judgment is based on a comprehensive analysis of the entire well-known information agency, which is essential for analysis according to published rating methodology, as well as monitor the implementation of these procedures.
"Expert RA" should enjoy a thorough and systemic methodology, and, where it is possible to receive ratings at the exit that could be the subject of objective assessment on the basis of historical experience.
When evaluating the creditworthiness of the issuer, analysts involved in preparing or checking rating actions should be guided by the methodology "Expert RA". Analysts apply this methodology in a consistent manner as defined "Expert RA".
Credit ratings should be assigned by the proper "Expert RA" authorities, and not separate Analystami agencies; Ratings should reflect all available information that the Expert RA considers it essential in accordance with its published methodology; "Expert RA" should use personnel who, individually or jointly, has sufficient knowledge and experience to develop a rating judgment for this type of rating.
"Expert RA" should maintain internal documents supporting rating assessments during a reasonable period, but not less than for 3 years.
Expert RA and analysts "Expert RA" should take steps to avoid publication of credit analysis and reports containing distortions or misleading relative to the overall creditworthiness of the issuer or obligation.
Expert RA should maintain sufficient resources to conduct high-quality credit estimates of all rating bonds and issuers. When deciding on the start or continuation of the rating of the Bond or Issuer "Expert RA", weighs its ability to pay a sufficient amount of qualified personnel for accurate rating assessment, as well as the availability of a sufficient number of information necessary for such an assessment.
Expert RA should take reasonable measures to make sure that the information used to assign the rating has sufficient quality to assign a reliable rating assessment. If the rating is assigned to a financial product, according to which the statistics are missing (as in the case of innovative financial instruments), Expert RA should emphasize the limitations of the assigned rating assessment.
"Expert RA" creates a body consisting of one or more senior managers with sufficient experience, to determine the feasibility of assigning a rating of a structure substantially different from the structures ranked "Expert RA".
The "Expert RA" created and functions an unbiased and formalized body, responsible for the periodic revision of techniques and models, as well as significant changes made to the techniques used and models. Where it allows the amount of rating assessment services, this body is separated from divisions responsible for assigning ratings to various classes of issuers and liabilities.
"Expert RA" should analyze whether the use of existing techniques and models is permissible to determine the level of credit rating of structured product In the event of a significant change in the asset underlying the structured goods.
With the exception of those ratings that directly indicate that they do not entail subsequent continuous observation, in relation to other ratings after the assignment of Expert RA, conducts continuous monitoring and subsequent updating of the rating by:
regular overview of the issuer's creditworthiness;
Subsequent monitoring should be carried out using all accumulated experience. Changes in the criteria for assigning rating evaluation should be applied, where it makes sense, both to the original and subsequent ratings
"Expert RA" always gives you to know that it stops the issuer's rating or obligation. The ongoing publications "Expert RA" of the expired ratings contain the date of the last update and the indication of the fact of the lack of subsequent actualization.
"Expert RA" and employees "Expert RA" must execute all relevant laws and prescriptions that determine their activities in each of the jurisdictions, where the expert RA is present.
Expert RA and Employees Expert RA should be honest and fairly to conduct business with issuers, investors, other market participants and public.
"Expert RA" should not take on the work of persons with a used reputation, and how the agency analysts should adhere to high standards of honesty.
Expert RA and Employees "Expert RA" should not directly or indirectly give any assurances or guarantees in a specific rating before the rating assessment. This should not prevent "Expert RA" to make preliminary assessments in structural financing and similar transactions.
"Expert RA" prohibits his Analystam to express offers or recommendations affecting the form of structured financial productsRatigid "Expert RA".
The Director for Compliance will be responsible for the implementation of Expert RA and Employees of the Expert RA provisions of the Code and the corresponding laws and prescriptions. The director for compliance should not be accountable to a block of rating operations, as well as the size of its compensation package must be independent of them.
In case of detection of an illegal, unethical or contrary to this Code of Conduct, a colleague or affiliate with the "Expert" of the Organization, an employee is obliged to immediately transfer such information to the director in compliance so that he takes the necessary actions. The director for compliance is obliged to take measures stipulated by the laws and provisions of this jurisdiction, as well as the rules and recommendations of the Expert RA. Management "Expert RA" should prevent retribution from other employees "Expert RA" or "Expert RA" in relation to employees who conscientiously accounted for similar reports. Although employees do not always expect expertise on the right, they are expected to be expected to have a common attitude towards questionable activities around.
A. Transparency and timeliness of rating disclosures
"Expert RA" should distribute rating solutions in a timely manner on rated and rating securities.
"Expert RA" should publicly disclose its distribution policies, reports and updates.
With the exception of "private ratings", provided only by the Issuer, Expert RA should publish, on a non-recreational basis and free all the ratings of publicly traded papers, the issuers themselves, as well as all the subsequent decisions on the suspension of such ratings, if rating actions are found partially or completely on substantial non-public information.
Expert RA should publish sufficient information on procedures, methodologies and assumptions (including the adjustments of financial statements that significantly differ from the financial statements, which is published by the issuer), so that third parties can understand how "expert RA" came to such a rating . Such information should include (but not be limited) the values \u200b\u200bof each rating category, default or replacement cost, as well as the horizon of time to which Expert RA distributes its rating actions.
When it is possible and necessary, before assigning or revising the rating "Expert RA" rating, inform the issuer important information and basic considerations, based on which the rating will be assigned and give the issuer to clarify all possible actual misunderstandings or other issues of interest to "Expert RA" within Assigning a right rating. "Expert RA" will properly appreciate the answer. In case the circumstances have developed in such a way that the "expert RA" did not inform the issuer on the assignment or revision of the rating, Expert RA should inform the issuer as quickly as it is practically possible and, then, in general, explain the cause of the delay .
To promote transparency and in order to allow the market to be better judged about the quality of ratings, Expert RA, where it is possible, must publish sufficient information about the historical shares of defaults on rating categories, as well as the dynamics of such fractions on rating categories so that The stakeholders could understand it and qualitatively compare the ratings of various credit international rating agencies. If the nature of ratings or other circumstances make the historical shares of defaults inappropriate or statistically insignificant, or they can mislead the ratings users, "Expert RA" must explain it.
For each rating "Expert RA" should disclose information on whether in the rating process. All ratings not ordered by the issuer must be indicated as such. Expert RA will reveal the principles and procedures relating to remote ratings.
Since credit rating users rely on an existing understanding of the methodology, practice, procedures and processes "Expert RA", Expert RA should fully and publicly disclose all the essential changes. When this is applicable and permissible, the disclosure of such significant changes should be carried out before entering into action. Expert RA should carefully examine the various use of credit ratings before changing the methodology, practice, procedures and processes.
Expert RA establishes procedures and mechanisms to protect the confidential nature of the information that it receives in accordance with the Confidentiality Agreement or by a mutual understanding of the confidentiality of the transmitted information. Unless otherwise specified in agreement about confidentiality and consistent with the laws and regulations, Expert RA and Employees Expert RA should not disclose confidential information in press releases, research conferences, in front of future employers or in conversations with investors, other issuers and other.
"Expert RA" should use confidential information only for targets related to rating activities or, otherwise, in accordance with the Confidentiality Agreement concluded with the Issuer.
Employees "Expert RA" should take all reasonable measures to protect all property and documents owned, or at the disposal "Expert RA" from fake, theft or abuse.
Employees "Expert RA" are prohibited trade Securities of issuers, if they have confidential information about the issuer or papers.
To protect the confidentiality of information, employees "Expert RA" should familiarize themselves with the internal principles in the field of trade in securities, which the employer adheres to and periodically confirm the following principles.
Employees "Expert RA" should not separately disclose any non-public information about rating assessments or possible future rating actions, except for the issuer or its designated agents.
Employees "Expert RA" should not be divided by confidential information with employees of affiliates that are not credit international rating agencies, and should not be sharing it without needing inside the expert.
Employees "Expert RA" should not use or share confidential information for the purpose of trading in securities or other purposes that are not related to the execution of their official duties.
Disclosure of the Code and Communication with Market Participants
"Expert RA" publishes the "Code of Professional Ethics" on the site www.raexpert.ru in open access. The provisions of the Professional Ethics Code "Expert RA" fulfillment fulfillment of provisions on the principles of the activities of credit international rating agencies and the foundations of the Ethical Code for Credit International Rating Agencies of IOSCO. The provisions of the Expert RA Code are not rejected from IOSCO provisions. The Director of Compliance is responsible for execution and law enforcement of the Code of Professional Ethics "Expert RA" and regular disclosure of changes in the Code. The Director of Compliance regularly checks and evaluates the effectiveness of the execution and law enforcement of the Code.
The Director of Compliance is also responsible for communicating with market participants and the public on all matters, concerns and complaints that "expert RA" can get. The result of such communication should be the fact that Expert RA is informed on all issues related to the establishment of the principles of the company.
Limitation of responsibility
The Code of Professional Ethics "Expert RA" is published to promote transparency of the rating process. "Expert RA", however, does not imply any obligations and responsibilities to the third parties of the outgoing from, or relating to the Expert RA Code. The Code of Professional Ethics "Expert RA" is not intended as part of any contract with anyone and no one can count on coercion "Expert RA" to the execution of the provisions of the Code. "Expert RA" at its own discretion can change the code at any time.
International and Russian international rating agencies: Moody "S Investor Service, also accredited: MOODY" S INVESTOR SERVICE, Fitch Ratings. CIS Ltd. Standard & Poor "S International Services, Inc., National International Rating Agency," Rus-Rating "," Expert-RA.
Requirements for accredited international rating agencies are contained in the order of the Ministry of Finance No. 37 of 04.05.2010.
Information Agency AK & M
Certificate of Committee of Russia on the press on registration of the media N 03139 of January 15, 1996
AK & M was founded in 1990 in the form of a closed joint Stock Company (AO) (AK & M CJSC) and from the moment of creation is one of the most famous and influential information and analytical agencies. Home Specialization - Economic Information.
The AK & M website on the Internet - over the years has been the leading information portal in the field of economics and finance.
Since 2001, AK & M is the authorized FSFR of the Russian Federation by the Company to disclose information in the securities market. As part of the data of the authority, the Agency creates and supported the information disclosure system in the securities market - Disclosure. The system accumulates all topical information about issuers registered in the Russian Federation, including quarterly reports and significant issuing events, information on cash emissions of securities, lists of affiliated persons and other information. The data into the system comes directly from the Federal Financial Markets Service of the Russian Federation, its regional offices, issuer companies.
AK & M is represented in the market economic information A number of own information and analytical products.
Information products:
operational news feed "AK & M-Online News";
information retrieval system "Data scapital";
"Stock Bulletin".
disclosure of information in news tape AK
disclosure on the Internet page;
operational tape of essential facts;
reporting company-issuers.
Analytical products and services:
bulletin "Branches of the Russian Economy: Production, Finance, Securities";
bulletin "Market of mergers and acquisitions";
analytical research to order;
Stock indexes.
(Since 2005, the activities of the AK & M information agency in the field of rated construction continued CJSC International Rating Agency AK & M):
different Rankings;
Study of the relative creditworthiness of the constituent entities of the Russian Federation.
Professional conferences, forums, round tables:
Information and analytical products of the Agency use more than a thousand organizations and enterprises in their work, including the administration president RF, Government Office of the Russian Federation, Committees of the State Duma and Council federation FS RF, Ministry of Economic Development of the Russian Federation, Ministry of Economic Development, Ministry of Finance of the Russian Federation, Central Bank of the Russian Federation, RFBI, Federal tax Service, Federal Customs Service, leading Russian banks and enterprises, investment organizations and funds, insurance and management companies, consulting and appraisal structures.
AK & M has long and successfully cooperate with the media. Central and regional periodic newspapers and magazines actively quote news and publish thematic materials prepared by the agency specialists. AK & M news, covering corporate events, are constantly published by such famous newspapers such as Vedomosti, Kommersant, "" expert magazines, "", "securities market", "banking", "BDM. Banks and business worlds ", as well as Internet portals:" Gazeta.ru "," Polit.Ru "," Lenta.Ru "," Rambler.ru ", Cbonds, RBC and many others. Pretty wide information AK & M is quoted by regional media.
Stakeholders abroad have the opportunity to receive information AK & M on the Russian stock market and corporate events both through the English-speaking version of the server www.akm.ru and through partner agencies.
The AK & M agency conducted a great explanatory work with the aim of forming a positive attitude towards the disclosure of information in the environment of Russian companies-issuers of securities. Its result was a serious expansion of data arrays on Russian companies, as well as the formation of sustainable partnerships with a significant number of companies representing all sectors of the Russian economy.
AK & M quickly develops, expanding the sphere of its services and constantly improving the quality of information and analytical products.
In its work, AK & M information agency applies the latest technology in the areas of collection, processing and dissemination of information.
Today AK & M Information Agency supports high reputation The manufacturer of high-quality information services and the leader of the economic information market.
INFORMATION "AK & M-LIST"
The AK & M-List information database is a unique professional information system that includes full information on the activities of enterprises, banks and financial companies, as well as detailed information About all segments of the financial market.
The volume of the base is 9 GB, and it consists of several information blocks, each of which contains thematically grouped information:
Industrial enterprises and firms (more than 4000);
Banks, financial institutions and professional shares; Financial indicators;
Information about the market of state and municipal bonds;
Daily more than 400 news of industrial enterprises and professional participants financial market and news archive since 1995;
Conjuncture securities market, stock exchange and (archive of quotations since 1993);
Decisions of the debt market and bills
The presence of the history of corporate news since 1995, as well as information on the history of stock quotations of Russian issuers for the time since 1993, makes the basis of an indispensable tool when analyzing the activities of enterprises and industries.
Friendly interface allows for comprehensive market analysis:
The AK & M-LIST database is constantly updated and is currently one of the best coverage and depth of historical data source of economic information.
Rating agency Credit Rating
Agency "Credit-Rating" is The first in Ukraine (since 2001) is a specialized international rating agency, providing services in the field of independent assessment of the creditworthiness of borrowing entities with the assignment of credit ratings on a national rating scale. Since 2003, the Agency's ratings are officially recognized by Min Finn. Since 2004, "Credit-Rating" - authorized agency State Commission on securities and market shares of Ukraine to assign credit ratings to business entities, sectors of the economy and regions. Since 2004, "Credit-Rating" - an authorized agency of the State Commission on Securities and Stock Exchange of Ukraine to assign credit ratings to business entities, sectors of the economy and regions. By the decision of the NCCSBFR of April 10, 2012, a certificate was issued a certificate of inclusion in the state register of authorized international rating agencies.
As part of the implementation of the Global Development Strategy, the Agency opened an office in the Republic of Belarus, developed a regional rating scale of the CIS countries and determined sovereign ratings of 12 governments of the states that are members of the CIS. In order to increase transparency and investment attractiveness national Economy The Agency annually conducts research on information transparency of banks and insurance companies in Ukraine.
In 2010, the agency became a member of the founder of the European Association of International Rating Agencies (EACRA).
The international rating agency "Credit-Rating" uses approved procedures to ensure an honest and comprehensive analysis of the entire important information agency, which is carried out according to published rating methodologies.
The international rating agency "Credit-Rating" uses substantial and systematic methodologies, and the adequacy of assigned ratings is subject to confirmation based on the historical level of defaults for each level of ratings.
When determining the creditworthiness of the creditor, analysts attracted to the preparation of the rating report on any rating event (assignment, confirmation or change of rating), use exclusively methodologies and apply procedures approved by the international rating agency "Credit-Rating".
The credit rating is assigned to the Ratary Rating Agency rating committee, and not a separate analyst of the agency; The rating displays all available information, is relevant, and also meets the approved methodology. Agency "Credit-Rating" attracts to work in the rating committee of analysts that have appropriate knowledge and experience in determining the rating assessment of a creditor or obligation.
The international rating agency "Credit-Rating" maintains all the necessary information regarding the assignment of rating assessment, at least for 3 years after the rating effect, unless otherwise established by the current legislation or is not necessary for the rating procedure.
The international rating agency "Credit-Rating" and its analysts take measures to avoid publication of any analytical materials and reports containing unrequentative information or a distinguishing real picture of the creditworthiness of a separate creditor or obligation.
The international rating agency "Credit-Rating" confirms that it owns sufficient resources for holding high-quality rating analysis of all obligations and creditors who evaluate. When making a decision regarding the rating or updating of the obligations or creditor rating, the Credit Rating Agency estimates whether he has enough professional specialists to conduct comprehensive rating research and whether these specialists will be able to get all the necessary information for such an analysis.
Regular consideration of credit costs;
In the case of publication of the rating, the "Credit Rating" agency publicly announces the termination of the update (if this took place) of this creditor rating or obligation and indicates the date of the last update, as well as the fact that the rating is not updated now.
The international rating agency "Credit-Rating" and its employees do not provide clearly or implicit guarantees regarding the level of rating before it is assigned. This does not limit the international rating agency in providing predictive assessments regarding the level of credit rating of structural financing tools and similar transactions.
The international rating agency "Credit-Rating" approves policies and procedures for the introduction of this Code, and also appoints a proper person who is responsible for the compliance of the "Credit-Rating" agency and its employees of the Codex standards, profile legislation and regulatory acts. Activity I. payment Such a proper face is independent of the results of the rating actions of the agency.
In case of suspicion that the employee or the party responsible for the Credit-Rating Agency carries out illegal, unethical actions, or actions that contradict the Code, an employee of the international rating agency, which it became known should immediately report it official personresponsible for controlling the implementation of the norms of the Code, or the leadership of the Agency "Credit-Rating" to take appropriate measures. Employees of the international rating agency are not obliged to be specialists in the field of law. However, employees should report events that seem suspicious. The official of the Agency "Credit-Rating", which received such a message should take appropriate measures stipulated by law, regulatory standards and rules of the International Rating Agency. The leadership of the Agency "Credit-Rating" should prevent the persecution of workers who make such messages from other employees of the international rating agency.
The international rating agency "Credit-Rating" does not avoid rating actions under the influence of potential consequences (economic, political, etc.) for the agency, creditor, investor or other participants in the stock exchange.
A credit rating of the credit or obligation assigned a credit rating of a credit rating of a credit rating or obligations under the influence of the existence of business relations or potential changes in these relations between the international rating agency (or related structures) and the lender or any other company, or the lack of such relations.
The international rating agency "Credit-Rating" separates, in fact and legally, its rating activities from any other activity, including consulting, which can lead to a conflict of interest. The Credit Rating Agency provides mechanisms for preventing the emergence of conflict of interest with the main activity of the Agency in the implementation of other business operations (not related to the ranking).
The international rating agency "Credit-Rating" uses internal procedures that detect and regulating any existing conflicts of interests, as well as preventing potential conflicts of interests that may affect the conclusions of the international rating agency or its employees who have an impact on the rating decision. This code also demonstrates that the "Credit-Rating" agency will identify and prevent conflicts of interest through management measures.
The international rating agency "Credit-Rating" reveals the general nature of the formation of a tariff policy. If you receive other payments from the object rating (for example, payment for consulting services), except for the rating fees, the international rating agency "Credit-Rating" reveals the proportional attitude of these payments to the amount of payment for rating services.
In order to prevent the occurrence of conflicts of interest, the international rating agency "Credit-Rating" and its employees do not participate in trade in securities and derivatives.
In cases where rated objects (such as governments) have supervisory functions for the activities of international rating agencies, the Credit Rating Agency uses for conducting rating studies of employees who are not included in the process of interaction with the inclusion of the implementation of the latest supervisory functions.
Independence Analystov and employees of the international rating agency
The reporting system of employees of the Credit Rating Agency and the compensation system are structured in such a way as to prevent the occurrence or effectively control the potential conflicts of interest. Payment of the Labor Analysts Agency "Credit Rating" does not depend on the size of the income that the international rating agency receives from the issuer.
Analysts agency "Credit-Rating" directly involved in the rating process cannot initiate a discussion or take part in the discussion of tariffs and payments with a creditor, in which these analysts take part in the ranking.
Own securities or derivatives creditor, which is an object of rating, except for the rights of ownership in diversified general investment institutions;
Own securities or derivatives The parties associated with the lender, which is the objecting object. The ownership of such documents can lead to a conflict of interests, except for the rights of ownership in diversified general investment institutions;
Were over the past 3 years old workers or had other business relations with the lender, which is an object of rating, which may cause conflict of interest;
Have direct connections (wife, husband, parents, child, partner, etc.) with a creditor worker, which is an object of rating;
Have or have connections with a lender, which is an object of rating or related party, it may cause conflict of interest.
Analysts of the Agency "Credit-Rating" and other persons related to the rating process, as well as members of their families, are not allowed to buy, sell or conduct other operations with securities that are issued, guaranteed or provided by a different way to a part party belonging to priority responsibility Analystov, except for the rights of ownership in diversified general investment institutions.
Employees of the Agency "Credit-Rating" can not ask or demand money, gifts or services from any Party with which the international rating agency is doing business, and cannot take gifts from it in any form, the cost of which exceeds 50 UAH.
Any employee of the "Credit-Rating" agency, which has private attitudes that create a potential danger of conflict of interest (for example, personal close relations with an employee of an enterprise, which is the objecting object), must report such relations to the relevant official of the international rating agency.
The international rating agency "Credit-Rating" distributes information about its rating solutions regarding securities intended for Public accommodation, or issuers of these securities.
For the first time, the credit rating of the creditor or obligation is published free of charge and on a non-discriminatory basis for the broad masses, subject to the creditor of the consent to its publication (except for the assignment of ratings in the field of public finance), unless otherwise provided by the current legislation;
For the first time awarded credit rating in the field of public finance (government, local governments, etc.) is published for free and on a non-discriminatory basis for broad masses, regardless of the availability of the consent of the lender, unless otherwise provided by the current legislation;
Publication of information about all further rating solutions (confirmation, change in rating or forecast, suspension or review) regarding the rating, previously published by the consent of the lender, is carried out by the international rating agency for free and on a non-discriminatory basis for the broad masses, regardless of the presence of the creditor's consent, unless otherwise provided current legislation.
The international rating agency "Credit-Rating", together with the publication of ratings, is the rationale for the rating decision. This information includes, except, the rating level value according to the rating scale and the period for which the agency analyzes the lender's activities when taking a rating decision.
As a rule, before assigning or updating the rating, the Credit Rating Agency informs the creditor on the defining factors and the main conclusions on which the rating decision is based in order to provide the creditor to find out and explain all the controversial issues and avoid possible erroneous conclusions or other issues. Agency "Credit-Rating" must carefully examine the answer. If the Agency "Credit-Rating" did not inform the creditor about this in advance, the Agency should inform it as soon as possible and explain the causes of the delay.
In order to increase the transparency and the provision of market participants, the best way to assess the benefits of ratings, the Credit Rating Agency, if possible, publishes relevant statistics on the number of defaults for each level of ratings, and whether the number of defaults has changed with time to enable the adequacy of the rating Estimates, their changes over time and provide the opportunity to compare the relevant rating assessments of different international rating agencies. If Statistika quantities of defaults contradicts rating levels and can be a source of unreliable information for ratings users, the international rating agency should explain the nature of these inconsistencies.
For each rating, the Credit Rating Agency notes whether it was involved in the rating process. Each rating assigned not at the initiative of the creditor, and on the basis of public information, has a mark (PI). The policy and procedures of the international rating agency "Credit-Rating" regarding these ratings include the following provisions:
In cases, if possible, before publishing a public information rating, the Credit Rating Agency informs the creditor on defining factors and the main conclusions on which the rating decision is based, to provide the creditor to find out and explain all the controversial issues and avoid possible erroneous conclusions or Other interpretations that should be taken into account by the international rating agency when assigning a rating.
Since credit rating users rely on the adequacy of methodologies, practices, procedures and processes of the International Rating Agency, the Credit Rating Agency fully and publicly illumine any significant changes in the methodology, practice, procedures and processes. If possible, such publications must precede changes in existing methodologies. The international rating agency "Credit-Rating" takes into account the possibility of a variety of use of credit ratings when making changes in methodology, practice, procedures and processes.
The international rating agency "Credit-Rating" applies procedures and mechanisms for the protection of confidential information provided by creditors, on terms of confidentiality concession or other mutual agreement. According to the legislative and regulatory standards, the Credit Rating Agency and its employees will not disclose confidential information in press releases, at conferences, future employees or in conversations with investors, creditors, other persons, etc., except when Privacy contract.
In order to preserve confidential information, employees of the Credit Rating Agency must adhere to the internal policy of the International Rating Agency regarding securities trading and periodically (no less than once a year) to confirm their compliance with the requirements of this policy.
Employees of the international rating agency "Credit-Rating" do not cover any non-public information regarding rating decisions or possible rating actions, except to the lender and its authorized representative.
Employees of the international rating agency "Credit-Rating" did not disclose confidential information to representatives of any other parties, as well as other employees of the international rating agency, if not related to the conduct of rating analysis.
Employees of the international rating agency "Credit-Rating" do not use or not disclosed confidential information to trade in securities or with any other purpose, in addition to the exercise of their official duties of the employee of the international rating agency.
Credit ratings
Credit rating - This is financial indicator A person who reflects the current quality of credit history and the likelihood of delay in the future, that is, the indicator of your trustiness as a potential lender based on your credit history data or full information about all your loans in the form of an extract. Credit rating can affect: 1. On the decision to postpone the payment in the trade and service network; 2. Employment to financial organization or bank; 3. Obtaining benefits when issuing a loan; and 4. On the reputation of the lender. Note that a credit rating may change every month, sometimes even weekly, depending on the information bureaus and credit history changes.
Credit ratings are relative, so it is important to take into account the specifics of a country, enterprise, industry industry. Low credit ratings are certainly undesirable, because they indicate a high probability of default.
Develop your credit rating system can any student market. Moreover, according to Basel directives, each bank is desirable to have its own internal creditors rating. But when it comes to the bond market, then the "credit rating" means a rating of one of the three agencies Standard & Poors, Moody's and Fitch.
What is credit history and how to check it
Credit history is Information about all your loans and the discipline of their repayment, which Ubbka (Ukrainian Bureau of Credit Stories) receives from banks, insurance and leasing companies, credit unions and other financial institutions.
If you add to the bank for a new loan or an increase in the limit on credit card And they received a refusal, first of all, check your credit history. Creditors with a positive credit history can count on the advantages when issuing a new loan!
However, in the context of the modern global type of economy, the term "credit rating" is also given to whole countries. In this case, it shows - as far as this country can continue to pay debts on committing commitments, and how low the default version of this country is.
Timely question - and who expects this ratingWho takes on such a role to determine the possibilities of certain organizations and even countries?
There are several major international rating agencies specializing only in this form of determining the viability of enterprises and countries. The largest international rating agencies in the world is:
Moody's agency,
Standard & Poor Agency,
Fitch Ratings Agency
The Russian Federation also has large Russian international rating agencies:
Agency Expert RA,
Often, more general categories are used to classify the bonds: the bonds of the investment level and the bond speculative level. Typically, the bonds of the investment level are bonds classified to one of the four higher categories of the rating (from AAA to BBB in S & P and from AAA to WAA in Moody, S). On the contrary, speculative bonds are bonds, which, according to the rating, are attributed to one of the lower discharges (explosives and lower in S & P and BA and below in Moody, S). Sometimes a low rating paper is called "thrust bonds".
S & P debt ratings are the current assessment of the debtor's creditworthiness in relation to a specific bond. This assessment can take into account such debtors as guarantors, insurers or tenants.
Ratings are based on the current information provided by the Issuer or the resulting S & P from other sources that are reliable. S & P does not guarantee the accuracy of the information being used and may if necessary to rely on unverified data. Ratings can be changed, suspended or revoked as a result of a change or invalidity of such information or in the case of any other circumstances.
1. Liability of non-payment and debtor willingness both to current interest payments on time and to return the principal amount in accordance with the condition of the bond.
2. Nature and provision of obligations.
3. A guarantee of fulfillment of obligations and the provision of the owner of the bond among other borrowers in the event of bankruptcy, reorganization or arcs of transformations, regulated by lawdefending the rights of borrowers.
Credit ratings are widely recognized in practice. Banks can cope with the company's debt liabilities ranking to decide whether to give loans to this organization and at what interest rate. In this way, marga Above the rates of LIBOR10, in which major firms can get loans, is determined by the credit rating.
Banks can also use credit ratings to establish limits on the volume of transactions with this organization. For example, for any organization with a given credit rating of the Bank
Investment ratings and speculative ratings
The highest credit rating. Risk factors are insignificant and only slightly superior to the level of "risk-free" debts treasury USA. The probability of paying the principal debt and percent Rated as extremely high.
Protection factors are not very strong, but quite effective. The probability of paying the principal amount of debt and interest is estimated as high. During the economic shocks of risk factors more, and they are significant.
The possibilities of paying the principal amount of debt and interest are estimated as adequate, but the impact of adverse changes in the economic situation is recognized as significant. Protection is below average, but is considered sufficient for well-thought-out investment. The degree of risk varies greatly depending on the stage of economic development.
Below the level of safe investment, however, payments for the main obligations are sufficiently protected. Possible delays of interest payments and the principal amount of debt. The quality of debt service within this category can change greatly. Assigns also debts, minor with respect to other debts of the same issuer with the Rating of the BBD.
Below is the level of safe investment, there is a risk of non-compliance with the main obligations. The degree of financial protection varies greatly depending on the stages of economic development and external financial and economic conditions. Frequent changes are likely within the category, as well as an increase or decrease in the category ranking. On the this moment Most likely the repayment and the principal amount of debt and interest, but it is very likely that the unfavorable economic situation will lead to delay in payments.
Significantly lower than the investment level. At the moment there is a big uncertainty as to whether payments on the principal amount and percentages are paid on time, or only a favorable set of circumstances will pay debt on time. In case of unfavorable coincidence, it is very likely to terminate payments.
Debt, minor with respect to the SSS.
The actual delay with the payment of the amount of the principal debt or percentage.
Dubious debt obligations. The issuer could not pay the principal amount of debt and / or percent.
At the moment, the payments of the principal amount of debt or percentage are overdue, although grace period It has not yet ended. There is reason to believe that debts will be paid until the end of the grace period.
What is a credit rating?
Agency analysts based on a multitude of sources of information are credit ratings , exposing the issuer of debt obligations a kind of valuation of solvency. Those. Credit rating is this assessment, "spoken" in a short alphabetic expression with a certain financial sense. What it is higher - the more reliable the object for investing, but also the lower its potential profitability on debt instruments (bills of bills).
World rating agencies
Standard & Poor's
Moody's Agency.
Fitch Agency.
international, which issues of debt obligations are compared with other countries or foreign companies;
national, on which there is a comparison of issuers within one country
Depending on the term of the forecast of creditworthiness, allocate a long-term rating (Long Term, for a period of more than a year) and short-term (short term, less than a year). The latter is associated with long-term and varies (rises or decreases) synchronously with it.
And finally, there are types of ratings in foreign (Foreign) and local national currency. For one issuer, they may vary if there are different conditions for fulfilling their obligations in national currency on foreign.
The main indicator on which investors pay attention is a long-term rating in foreign currency. Next, the focus will be paid to him.
S & P Credit Rating
The rating value varies from the best AAA to the worst "D". The signs "+" or "-" (plus / minus) can be added to the iconic designation from AA to "CSS". They reflect a little better or slightly worse position of the issuer within one class rating. For example, the issuer with AA + rating is a little more reliable for the investor than the issuer with the AA rating. Accordingly, the Issuer "AA" is less reliable for investments than AA.
- positive (POSITIV) The rating value can be increased;
- negative (Negative) - lowered;
- stable (Stable) - the value will not change most likely;
- developing (Developing) - a value can be both increased and lowered.
Forecasting horizon - from 6 months to 2 years.
S & P rating scale
speculative (more risky group of issuers); Ratings of this group are sometimes called "trash."
| S & P Rating | Description |
| Investment category | |
| AAA (A-1) | The highest rating. Characterizes the greatest possible issuer to fulfill financial obligations |
| AA (A-2) | High ability to repay your debt |
| A (A-3) | Moderately high ability to repay its debt, but at the same time there is an increased dependence on the unfavorable economic situation and other negative changes in the external environment. |
| BBB (B) | Sufficient ability to repay financial obligations, but high sensitivity to unfavorable economic conjuncture |
| VVD- (b) | The lowest rating in this category |
| Speculative category | |
| BB + (B) | The highest rating in this category |
| BB (B) | The Issuer is a little vulnerable in the short term, a higher dependence on negative changes in the economic, financial and business fields. |
| In (b) | Another vulnerability to negative changes, but still it is possible to repay your debt |
| CSS (C) | High susceptibility to credit risks, debt can be repaid in the presence of a favorable economic, financial and business environment. |
| SS (C) | Very high exposure to credit risks |
| C (C) | The issuer is in the process of bankruptcy, but its financial obligations perform |
| D. | Defalt declared |
Letter and alphanumeric (A-1, A-2, A-3, etc.) designations in brackets belong to the short-term rating scale. Instead of the last two lines, other notation can be indicated:
- SD - the Issuer cannot repay one obligation or category of obligations, but reaches others;
R - due to the unfavorable financial condition, the issuer is under the supervision of regulators, which may decide in favor of the advantage of the implementation of one obligation to others;
D - The Issuer is not able to fulfill all or practically all obligations.
How to find out the rating calculated by S & P?
On the site of this agency:
http://www.standardandpoors.com/home/en/US. - English version;
http://www.standardandpoors.com/home/ru/ru. - Russian-language option
On the left side of the left there is a search string under which you need to select the search parameter:
- security Ticker ("Ticker");
name of the country or organization ("Entity");
security Code (CUSIP, CINS, ISIN).
After that, you need to enter the desired name in the search string and select the desired from the proposed pop-up options. If "NR" appears on the issuer, it means that the rating has not been assigned. However, when you first appeal, the system will require registration:
After passing a light procedure and receiving a confirmation letter to the specified email address, you can enter the name of the organization you are interested in (Find A Rating ... field). If we perform a search for the Interactive Brokers broker, we will see the following results for today:
Local Currenty LT and ST Mean the long-term and short-term broker rating in local currency, and Local Currenty LT and ST are the same ratings in foreign currency. The table shows that the broker has a high reliability with a slightly higher short-term rating, as well as a stable long-term forecast (the penultimate CreditWatch / Outlook column), made at the end of 2014. But such data for today for the Russian Federation:
The rating of the country in national currency (rubles) is quite expected to be noticeably higher than in foreign (primarily in dollars). In addition, it is clear that, according to the agency, the creditworthiness of the previously considered broker is higher than that of Russia as a whole - if you choose a dollar as a common denominator.
We periodically raise the question of political bias of such ratings - Personally, I consider them enough objective and based on historical data (remember the 1998 default or recent December 2014) and on the real state of things. But not necessarily agree with me.
The probability of default on corporate bonds for 1981-2013 as a percentage:
Moody's Credit Rating
Figures 1,2,3 can be added to the categories from AA to SAA. The unit "says" that the issuer occupies an upper line in its rating category (for example, AA). Two - is in the middle. Troika - at the bottom of the rating category. This rating is denoted: for example, "AA1", "B2", "CAA3".
In addition to calculating the value, the agency also gives a long-term and short-term rating forecast - as it does and S & P.
| Moody's rating | Description |
| Investment category | |
| AAA (P-1) | The highest level of reliability. The smallest credit risks |
| AA (P-1) | High reliability, very low credit risks |
| A (P-1 or P-2) | Reliability level above average, credit risks are low |
| WAA (P3) | Middle Reliability, Moderate Credit Risks |
| Speculative category | |
| V. | Reliability level below average, substantial credit risks |
| IN | Low reliability, high credit risks |
| Sa. | Reliability level is very low, credit risks are very high |
| SA | The Issuer announced a default or close to it, but there is a possibility of fulfilling financial obligations. |
| FROM | Default, the lowest rating |
The short-term rating, except for an indefinite NP (refusal to estimate short-term creditworthiness) may vary from P-1 (PRIME-1, excellent ability to repay short-term obligations) to P-3 (Prime-3, an acceptable ability to repay short-term debts). Relative to the above Moody's rating table long-term obligations All prime values \u200b\u200bare falling into the investment category, i.e. With the rating of the issuer not lower than BAA.
How to find out the rating calculated by Moody's?
https://www.moodys.com/ - English-language option;
https://www.moodys.com/pages/default_ee.aspx - version in Russian
The search box is located on the site's main page in the upper left side. In this field, you must enter the name of the country or the company or the securities ticker. After that, the drop-down list of the most suitable options will appear. By clicking on the desired, automatically move to the page with the rankings of the desired issuer. The very first in the formed list is a long-term rating in foreign currency.
If the agency user comes to the site for the first time, to search for a rating, as in the case of S & P, it will be necessary to register once again, including putting a tick "I agree with the Terms of Use of the Site." I managed to do this, only by trashing the agreement to the end. After filling out multiple lines and confirm registration by email (by clicking on the link) you will be automatically redirected to the Moody's website already under your login. If this does not happen, the login must be the specified email. We look for the rating of the Russian Federation:
From here it is seen that the long-term rating of Russia for obligations in foreign currency is indicated as BA1, i.e. It is just on the verge of an investment and speculative category. The short-term rating is not defined, the specified forecast is negative, which is strong enough stable forecast From S & P (although both are made in 2016 with a difference of about six months).
Total, despite many estimated parameters, ratings are relatively subjective. However, Moody's is a convenient indicator to view the issuer's rating history, for which you need to switch to the "Rating" tab:
It can be seen here how to drop in 1998 to the level of default, the long-term rating of Russia in the national currency from 2000 to 2009 began to grow, which was caused by an increase in oil prices. Its stabilization by 2010 at high stories stopped and ranking Russia, and the fall of barrel prices along with the devaluation of the ruble in December 2014 led to some decrease in the rating. "Domestic" means an internal rating in national currency, "Foreign" - in foreign. Senior Unsecured can be translated as priority unsecured debt obligations: in national or foreign currency, respectively.
Total, you can choose and see 5 types of rating at once - but they are close to 100%, so I will limit it in the picture. Pressing " Issuer Outlook »You can also see the stories of the company's future issuer's future rating. In the case of foreign issuers, the English version may sometimes be more productive.
Credit Rating Agency Fitch Ratings
The rating scale of this agency is similar to the S & P scale and has an alphanumeric symbolic designation. The "+" or "-" sign is added to the ratings from AA to "B". The rating information of a specific issuer can be found on the following sites (after registration):
https://www.fitchratings.com/site/home. - English version
http://www.fitchratings.ru/ru/ - Russian-language option
Choose a Russian-language option. As in previous cases, it is necessary to undergo a formal registration procedure by clicking on "Create Account". Fields to fill here are somewhat larger than in previous systems, however, it is easy to deal with them - the data is not checked, so phone numbers and home address can be written any (as opposed to email on which confirmation will come).
After filling out all two ticks at the bottom, we get a confirmation letter on your drawer and click on the link in it. After that, you can return to the main page and enter your username and password in the upper right corner. Entering the system, let's try to find a rating of Russia there, introducing "Russia" - unlike S & P and Moody's, pop-up tips here so far. We obtain the following results:
In fact, Fitch Agency The only one of all three allows you to search and in Russian - i.e. In the search bar, you can also type "Russian Federation". Although it is better to use the English-speaking version of the site to search for foreign issuers (Issuits' item there will be Entities "- but in general, according to my observations of all three systems, this is the most capricious in the display of information). Click on the lowest issuer:
As can be seen from the table, the rating is in Russian. The first two lines indicate the obligations in foreign currency, the first line can be considered the first line to assess the issuer. Changing on the "rating history" to the right below you can see the story of the assignment of the issuer of the rating (similar to Moody's, only there history is presented in the form of a graph). The forecast for the issuer is specified as a color icon to the right of the rating value:
Those. In Russia, the agency Fitch forecast for today is stable. Letter notation can be decrypted as follows:
| Fitch Rating | Description |
| Investment category | |
| AAA (F1) | The highest level of creditworthiness |
| AA (F1) | The ability to fulfill its financial obligations at a very high level. |
| A (F1) | High ability to fulfill financial obligations, but there is an increased dependence on unfavorable economic conditions and other negative changes in the external environment. |
| BBB (F2 or F3) | Adequate ability to fulfill financial obligations, but negative economic conditions or business environments can reduce this ability to lower |
| Speculative category | |
| BB (B) | Increased sensitivity to the risk of default, especially with a negative change in economic conditions and business environments |
| In (b) | There is a significant risk of default, but there is some safety margin. Payments are still carried out, however, this ability is vulnerable to deterioration of economic conditions and business environments. |
| CSS (C) | Real default, significant credit risk |
| SS (C) | Very high level of credit risk, probable default |
| C (C) | Defalt is close or inevitable, extremely high level of credit risk |
| RD (RD) | Limited default - it is admitted by financial obligations, but the issuer is not yet in the process of bankruptcy |
| D (D) | Defalt |
In brackets, as before, a short-term rating is indicated.
Comparison of the ratings of world agencies
Above the three most popular global agencies assigned their ratings. The importance of this action is difficult to overestimate - millions of investors and multi-billion capital are focused on them. And although in the estimates, and in particular in the forecasts, these agencies may be among themselves, relatively large issuers of discrepancies are almost never significant. At the end of the article, I spend the table of conformity of ratings of all three agencies relative to each other:
- Evaluation of the ability and willingness of the Issuer in a timely manner and fully fulfill its financial obligations. A sovereign government, regional and local authorities, corporations, financial institutions, infrastructure facilities, insurance companies, managed funds can be performed as a issuer. Credit ratings may also be assigned to certain types of debt obligations (for example, bonds, notes and other debt securities).
The credit rating is an assessment of the issuer's creditworthiness, on the basis of which market participants may make informed financial decisions. This may entail a decrease in the issuer's costs to attract borrowed funds. For those issuers who attract funds under warranty of third parties, a credit rating can reduce the cost of such a guarantee or more efficient to attract funds without acquiring a guarantee.
Credit rating is often used by banks and other financial intermediaries to make lending decisions, transactions in the money market, insurance, leasing and in any other situations where the creditworthiness of the business partner is required.
The product of the work of the rating agency is a credit rating - the opinion of each individual agency about the level of credit risk. Credit ratings are designed for various issuers: corporations, financial institutions, insurance companies, states.
Standard & Poor's Rating Agency History Tests its beginning in the 60s of the 19th century. Henry Varnum Pur, together with his son, begin to publish financial information, the active interest in which European investors showed to evaluate their investments in American infrastructure.
In 1867, Henry Pur opens Poor's Railway Manual Company (subsequently - Poor's Publishing Company). In parallel, in 1906, Luther Blake founds Standard Statistics Bureau, which also is also engaged in the provision of financial information.
In 1916, Standard Statistics Bureau begins to assign the first credit ratings to corporate bonds, and after and sovereign debt obligations. As a result of the confluence of Standard Statistics and Poor "S Publishing Company in 1941, Standard & Poor" s is formed.
Moody's.
John Mudi publishes his first credit assessment in 1900 in the framework of Moody "S Manual Of Industrial and Miscellaneous Securities. The work was a collection of statistical information, covering the shares and bonds of financial, state and manufacturing companies.
The Bulletin "Analysis of Investment Investments" (Moody's Analyses of Railroad Investments), released in 1909 gives definitions of various rating categories and since then the history of Moody "S Investors Service as a rating agency begins. So, by 1924 Moody" s Evaluated almost the entire US market.
Fitch Ratings.
In 1913, John Noulz Fitch opens Fitch Publishing, which is engaged in the publication of financial information. Close interaction with the NYSE Stock Square, as well as printed publications, have gained great popularity, thereby disrupting Fitch to advanced positions in the provision of analytical information for both internal and external investors.
For issuers, credit rating is one of the ways to determine the interest rate on their debt obligations. The higher the rating, the lower the interest rate. Also assessment of an independent rating agency an excellent tool for informing the market about the ability to fulfill their debt obligations and attract investors. Investors in turn are focused on issuers whose credit rating corresponds to the risk level they are ready to accept.
Foreign pension funds and insurance companies Pay great attention to estimates of rating agencies. From the point of view of financial intermediaries, the credit rating helps to establish acceptable rates on the structural debt products offered by them. Companies use a rating to search for a counterpart with a permissible level of credit risk.
There are two main methodologies for assigning credit ratings:
Based on mathematical models
Based on the opinion of analysts
Some rating agencies enjoy extremely mathematical models, considering above all financial statements. When using the second approach, the assessment is additionally given on the data policy and risk management strategy. Both methodologies work both together and separately.
Below is an example of how the process of assigning a rating by Standard & Poor "s based on the opinions of analysts.
Country risk
- sectoral risk
- Competitive position
- ratio of cash flow and debt burden
- Business diversification
- Capital Structure, etc.
* Comments Standard & Poor "s
The rating values \u200b\u200bfrom AAA to BBB are considered reliable and refer to the investment category. Everything that is lower has dubious creditworthiness and falls into the non-invissorious category. The breakdown on the investment and speculative category is a peculiar signal for conservative and large institutional investors on the reliability of the issuer. Thus, the movement of debt obligations from one category to another can provoke serious capital movements.
Positive forecast - probable growth of credit rating.
- negative forecast - Probably reduced credit rating
- Stable forecast - Probably finding a rating at the same level.
- developing forecast - probably the rating movement in any direction
Changes in the credit rating occur in the event of events that can affect the level of credit risk of the issuer: political events, the emergence of strong competitors, increasing the debt burden. Based on the monitoring of the situation, the credit agency corrects its assessment, reflecting an opinion on the level of credit risk.
It is important to understand that the credit rating is the opinion of the credit agency about the ability of the Issuer to respond according to its debts, but there is no guarantee that the AAA debt obligations will not have a default. It can only be said that the probability of default category AAA is lower than any other.
What changed after the crisis of 2008
After the crisis of 2008, where the rating agencies played not the last role, the question of regulating such organizations was sharply. On July 21, 2010, the Dodd Frank Law was adopted in the United States (The Dodd - Frank Act), which imposed some restrictions on the activities of rating agencies.
First, it is assumed that rating agencies will bear responsibility for assigned ratings. Previously, the data of the organization referred to the expression of their own free opinion, for which they could not be attracted to the court proceedings. Now this opportunity is available.
Secondly, under the Securities and Exchange Commission (SEC), the Office of Leaving Ranking Agencies was created. This department is engaged in checking the work of rating agencies. In addition, it is assumed to be a complete disclosure of the methodologies for assigning a credit rating.
After 3 years of Russia's stay in the "garbage" (non-investment) rating, February 23, 2018, the S & P agency has raised a sovereign credit rating before entering - with a stable forecast. Driver served hard budget Policy and the activities of the Central Bank. Only Moody "s supports the RF credit rating at the non-invisiting level, but the forecast is positive, which allows you to expect the revision of Russia's position this year.
Comparing the credit rating of Russia and the yield of ten-year-old OFZ, it can be noted that the actions of the rating agencies are delayed relative to the dynamics of profitability, that is, the real estimate of the issuer's solvency market. This may be caused by both the actions of investors who are not related to the obligations of following credit assessment, hedge funds, and distrust the actions of the troika.
Planning investments in bonds, promotions or other financial instruments, we always evaluate potential risks. These risks can be associated, first of all, with the inability of the issuer in the future pay with us in their obligations.
Of course, not every investor has the necessary volume of knowledge and skills to independently analyze the solvency of a particular organization. Yes, it is not necessary, because to provide such information there are specialized rating agencies.
Credit rating is an assessment of an enterprise / organization's ability to pay with investors in their obligations. This assessment is used in world practice for analyzing solvency of both individual organizations and entire countries.
Any changes in the ranking will signal investors about changing risks for specific financial instruments. Based on this data, investment portfolios are formed, interest rates are established on loans, insurance reserves are calculated.
- become more famous;
- enjoy reduced loan rates;
- can sell their securities to more investors.
- represent an independent assessment of the reliability of assets;
- allow you to compare the risk and profitability of specific financial instruments;
- they give topical information about changing the financial situation of companies that affect the rating.
Rating agencies are specialized issuer analysis organizations and assigning credit ratings. They are not so much: order hundreds around the world. Among them allocate international and national. The most famous international rating agencies are:
- Standard & Poors.
- Moody's.
- Fitch Ratings.
They are also called the "big triple".
The formation of a rating of a specific asset or market participant is carried out by reservation. The customer services are the state, financial organization or any enterprise. In our country, the study of credit ratings is carried out for:
- formation of the Lombard List of the Central Bank;
- estimates of the feasibility of investment of funds;
- calculating reserves of insurance companies;
- definitions of loans guarantees, etc.
Russian rating agencies
In particular, the President of the Russian Federation was issued a decree on the need to develop rating activities. The first ratings were far from those that we see now, and were compiled by a limited number of indicators.
As a result of the crisis of 1998, investment activities in Russia decreased and information on ratings has ceased to enjoy in high demand. And only with the end of the crisis and the expansion of the lending market, the enterprises began to think about their reputation and availability of good credit history, which would help them in attracting investment funds.
From January 1, 2017, in the Russian Federation, the work of credit rating agencies (KRA) is regulated at the legislative level. For these purposes adopted 222 federal Law. According to the provisions stated in them, national ratings are in priority before international.
All companies working with public funds should receive a national rating from one of the agencies with the accreditation of the Central Bank.
Types of rating agencies of Russia
Two types of rating agencies are functioning in the domestic market:
- universal;
- specialized.
The first is studying financial condition enterprises from various industries and, in addition to ratings, produce other information products (for example, an expert RA, Moody's-Interfax).
The second is carried out by analyzing individual market segments (for example, banks) and make appropriate ratings (for example, Naphor, Rusreciation, AK & M).
In the registry of the region, only two agencies - "Acre" and "Expert RA" consist. They assign appropriate ratings to the subjects of the Russian Federation, issuers of securities from the corporate and financial sectors, as well as issues of bonds.
"Acre"
Or "Analytical Credit Rating Agency". Organized on November 20, 2015, pursuant to 222-ФЗ. Shares holders - 27 Russian banking and financial companies with equal shares in the authorized capital (among them - Gazprombank, Alfa-Bank, Sberbank, Rosselshozbank, Rosstrakh, Severstal, NPF "Welfare", etc.).
In August 2016, the Akra passed state accreditation under the Central Bank of the Russian Federation. And in September, on the basis of the MICEX, a presentation of the methodology for the formation of credit ratings was carried out. The first rating was published on November 1, 2016.
In 2017, the Golden Credit Rating International for sharing information and joint research has become a partner of AKRA.
"Expert RA"
The agency was founded in 1997, and from 2016 is located in the register of credit rating agencies of the Bank of Russia.
In the agency agency, 16 methodologies for the formation of credit ratings, most of which in accordance with 222-FZ can be applied in regulatory purposes. Ratings are assigned to banks, the authorities of all levels, holdings, project, leasing and financial companies, insurers and other market participants.
Along with this, Expert RA explores the monetary scope, leasing markets, factoring, insurance, MFIs, NPF, etc., and makes predictions on bank credit ratings. The forecast is the opinion of the agency about the probability of changing the rating. He can be:
- Positive, which means possible to raise the rating in the near future.
- Negative, indicating the likely drop of credit rating.
- Stable, speaking that the rating will not change in the near future.
- Developing, involving several options for the behavior of the rating.
Other national rating agencies
In addition to accredited "Acre" and "Expert RA", there are three more large rating companies in our country:
- "National Rating Agency" (NRA)
- Rus-Rating
- AK & M.
The "National Rating Agency" has been operating since 2002. However, since 2017 he is engaged only by non-credit ratings (reliability ratings, service and management, risk management, attractiveness of employers, etc.).
AK & M Working since 2005 was formed on the basis of an information and analytical organization conducted by rating studies since 1994. Currently, the Agency's activities are related to the assignment of non-credit ratings.
Conclusion
- The credit rating is a conclusion about the solvency of the organization in terms of its obligations. Specialized organizations are engaged in the formation of credit ratings - rating agencies. They are divided into international and national.
- In Russia, rating agencies are divided into universal and specialized. Specialized are engaged exclusively by the development of credit ratings upon pre-order, and universal conducts other information and analytical activities.
- The most famous Russian rating agencies with accreditation of the Central Bank are "Acre" and Expert RA. They form the ratings of the subjects of the Russian Federation, banks and various financial and non-financial enterprises.
- Along with accredited national agencies, on the territory of our state, branches of international rating agencies - members of the big triple, as well as companies involved in the assignment of non-credit ratings (reliability, attractiveness, etc.) are operating.
