Training on modelling fundamentals December 17–18

Russian market reputation is the key criterion used when choosing a rating agency

A Russian rating industry survey

  • ACRA has conducted its third annual Russian rating industry survey. This year, the survey was carried out after the expiration of the transitional period in the national rating industry (July 13, 2017).
  • 88% of respondents admitted that they trust the ratings assigned by agencies operating in Russia. It is a maximum level of trust demonstrated over the past two years. Ratings are most trusted by those who use ratings assigned under both national and international rating scales. In general, financiers increasingly apply ratings under both scales as complementary tools in making investment decisions.
  • Stricter state regulations and correct risk assessments of rated issuers are the key drivers of trust. Over the past year, ratings assigned by agencies operating in the Russian market have gained trust among 42% of respondents, vs 30% in 2017 and mere 8% in 2016. The main drivers undermining the trust include credit risk underestimation, slow responsiveness and declining…

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