Training on Forecasting, April 7–8

ACRA published Methodology for assigning credit ratings to project finance issuers, instruments, and obligations

ACRA has approved and published the Russian National Scale Methodology for Assigning Credit Ratings to Project Finance Issuers, Instruments, and Obligations (hereinafter, the Methodology). The document is available on ACRA’s website at:

The Methodology outlines ACRA’s approach to assigning national scale credit ratings to both project finance transactions (PFT) with market risk exposures and availability-based PPP/ PFI/ P3 projects where the government is acting as a public partner and carries some or all of the above risks. The rating process involves quantitative and qualitative analysis of the combination of primary rating factors that, in ACRA’s opinion, determine the credit quality of the rated debt at both construction (if applicable) and operational phases. The construction and operational phases of a PFT are modelled individually.

ACRA uses the expected loss approach to assign credit ratings to project finance transactions. This approach takes into consideration both the probability of default and the severity of losses posed to investors upon default on the rated debt prior to its legal final maturity. In its analysis of PFT, the Agency assesses the expected loss on the particular project financing after a comprehensive study of the respective project’s characteristics, including cash flow modelling.

ACRA’s Methodology allows analyzing PFTs in a great variety of sectors including transport and social infrastructure (roads, bridges, airports, hospitals, and schools) as well as energy, including renewables, and solid waste recycling projects.

Through online rating analytics platform OPORA, ACRA’s clients have access to the broad range of subfactor assessments that define the profile of each individual transaction.

The current version of the Methodology was approved by the Methodological Committee taking into account comments from the market participants.

Log in

Forgot password

Sign up

Reset password

Reset password


Полное использование материалов сайта разрешается только с письменного согласия правообладателя, АКРА (АО). Частичное использование материалов сайта (не более 30% текста статьи) разрешается только при условии указания гиперссылки на непосредственный адрес материала на сайте . Гиперссылка должна быть размещена в подзаголовке или в первом абзаце материала. Размер шрифта гиперссылки не должен быть меньше шрифта текста используемого материала.