Training on securitization, July 2–3

ACRA unveils draft methodology for credit rating assignment to structured financial instruments

The Analytical Credit Rating Agency (ACRA) has unveiled on its website a draft methodology for assigning credit ratings to structured finance instruments and obligations under the national scale for the Russian Federation. The document was published to collect feedback from market participants.

The document is available in the “Methodology” section of ACRA’s website at and is open for discussion, with comments welcome at until May 31, 2017.

The draft methodology outlines assessment principles for structured securities backed by rights to claim both corporate and private debts. The ACRA rating analysis envisages the use of the “Global Rating Analyzer for Structured Products” (GRASP), a proprietary modelling platform, whose modules are used to assess both assets and liabilities of an issuer, as well as help determine the scope of credit support required to achieve the target rating.

“The methodology will provide for assigning ratings to issues secured by SME debt portfolios, mortgage-backed securities, automobile loan portfolios, large corporate borrower and project finance portfolios,” notes Igor Zelezetsky, Managing Director, Head of the Structured Finance Instrument Ratings Group at ACRA. “The methodology establishes an international-level domestic analytical platform for rating structured finance instruments.”

ACRA also continues to conduct regular credit analysis trainings and is currently offering enrollment into its September 19-20, 2017 course on the fundamentals of credit analysis of structured finance transactions. All participants will be issued certificates of completion. Cost is RUB 60,000 plus VAT per person. The full list of ACRA trainings is available at To sign up, please contact Irina Chikleeva via phone +7 (495) 139 0480, ext. 116, or at

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