Credit rating and world rating agencies. Reference. The most famous world rating agencies

Credit ratings assigned to banks by international rating agencies make it possible to judge their creditworthiness, financial stability, reliability and reputation. For ordinary consumers of financial services, these indicators will probably tell little about anything, but for credit institutions themselves, this assessment is very important, it affects the credibility of a financial institution, the possibility of attracting borrowed funds and the conditions for obtaining loans. In general, based on the ratings, investors will make their decisions. And, ultimately, these financial decisions will determine at what price banks will lend to their customers.

Among the most authoritative international rating agencies, three largest companies should be singled out: Moody's Investors Service (Moody's), Fitch Ratings and Standard & Poor's (S&P). Each of them assigns its own ratings to banks on a national and international scale: long-term and short-term credit ratings, bank deposit ratings, bank financial strength ratings, etc.

Each agency has its own rating scale, which has letter designations, as a rule, from "AAA" to "D". In addition, the modifiers "+" and "-" or the numbers 1, 2 and 3 can be added to the letter categories if the bank falls into intermediate values. To show a possible change in the rating in the future, the agency's forecast is used. It can be: "Stable" - this means that the rating is not expected to change in the next couple of years; "Developing" - the rating can both increase and decrease; "Negative" - ​​a downgrade is possible; “Positive” – rating upgrade is possible.

Rating is paid service. After concluding an agreement with the selected rating agency, the bank must provide the company's analysts with all necessary information about their activities. After that, a rating meeting is organized with representatives of the management of the credit institution. Based on the assessment of all received data, the rating committee makes a decision on assigning a rating. If the client does not agree, then he can file an appeal, providing additional information. It should be noted that the bank makes the decision to publish the rating at its own discretion.

Taking into account the fact that rating agencies different approaches to assessing the factors that determine the position of the bank, and have their own specifics, many credit institutions apply to several rating agencies at once. After all, the reputation of the bank in the domestic and international financial markets largely depends on this.

The credit rating reflects the risk of non-payment on debts, a higher rating corresponds to a lower investment rating. Based on the results of their research, rating agencies assign a rating to a particular company, and the rating is far from always being objective.

Investment ratings are from AAA to BBB. Ratings below these indicators are considered "junk". Companies with a junk rating receive less investment flow and less cash is invested in their securities.

The main disadvantage of such assessments of the effectiveness and solvency of an enterprise is the complete absence of guarantees for the result of research, especially since rating agencies do not disclose all information.

The negative outlook suggests that negative changes are likely in the company and the final rating may be revised downward.

Positive – the possibility of positive changes is likely, the current rating may be revised upwards.

Rating assignment is a commercial service. The main customers of rating agencies are states, companies and banks. Having a good rating helps a company increase the value of its securities and attract investment. The rating forms the reputation of an enterprise, company, bank and the country as a whole.

Often, ratings compiled by reputable rating agencies are late. They failed to warn investors about problems in the largest companies such as: Parmalat, Enron, AIG, etc. As a result, the US changed the legislation in order to reduce dependence on rating agencies when making investment decisions.

The main disadvantages of these organizations are: slow response to current market changes, outdated methodology for making forecasts, high competition between the rating agencies themselves, conflicts of interest and a high number of custom ratings.

Currently, there are about a hundred rating agencies in the world. The most authoritative of the international ones: Moody's, Standard & Poor's, FitchRatings.

Credit ratings assigned to banks by international rating agencies make it possible to judge their creditworthiness, financial stability, reliability and reputation. For ordinary consumers of financial services, these indicators will probably tell little about anything, but for credit institutions themselves, this assessment is very important, it affects the credibility of a financial institution, the possibility of attracting borrowed funds and the conditions for obtaining loans. In general, based on the ratings, investors will make their decisions. And, ultimately, these financial decisions will determine at what price banks will lend to their customers.

Among the most authoritative international rating agencies, three largest companies should be singled out: Moody's Investors Service (Moody's), Fitch Ratings and Standard & Poor's (S&P). Each of them assigns its own ratings to banks on a national and international scale: long-term and short-term credit ratings, bank deposit ratings, bank financial strength ratings, etc.

Each agency has its own rating scale, which has letter designations, as a rule, from "AAA" to "D". In addition, the modifiers "+" and "-" or the numbers 1, 2 and 3 can be added to the letter categories if the bank falls into intermediate values. To show a possible change in the rating in the future, the agency's forecast is used. It can be: "Stable" - this means that the rating is not expected to change in the next couple of years; "Developing" - the rating can both increase and decrease; "Negative" - ​​a downgrade is possible; “Positive” – rating upgrade is possible.

Rating assignment is a paid service. After concluding an agreement with the selected rating agency, the bank must provide the company's analysts with all the necessary information about its activities. After that, a rating meeting is organized with representatives of the management of the credit institution. Based on the assessment of all received data, the rating committee makes a decision on assigning a rating. If the client does not agree, then he can file an appeal, providing additional information. It should be noted that the bank makes the decision to publish the rating at its own discretion.

Taking into account the fact that rating agencies have different approaches to assessing the factors that determine the position of the bank, and have their own specifics, many credit organizations apply to several rating agencies at once. After all, the reputation of the bank in the domestic and international financial markets largely depends on this.

To the unsophisticated reader in financial matters, in general, it is clear that "+" is better than "-", and the "A" class is probably better than "B". But what is behind these estimates? Generally speaking, any rating is the participant's position on a certain ranking scale. For example, broker rating, investment reliability rating, credit rating, web page rating in Google or Yandex search engines, after all, school grades. Ranking accompanies us everywhere. However, now I would like to dwell in more detail on the ratings assigned by international rating agencies. Similar companies there are more than a hundred in the world. However, the most reputable and large are Fitch Ratings, Moody's Investors Service and Standard & Poor's.

These agencies evaluate credit ratings, asset recovery ratings, financial strength ratings, corporate governance ratings and many others. Corporations, banks, insurance companies, regional and local authorities, cities and even countries are evaluated.

Each rating agency has its own (and not just one) rating scale. For example, Fitch's short-term credit rating has the letters F1, F2, F3, B, C, and D. F1 is the highest level of creditworthiness, and D is assigned to a company, bank or country that has defaulted on its financial obligations.

Fitch Financial Strength Ratings are designated from "aaa" to "f" with "+" or "-". “aaa” indicates the highest level of self-creditworthiness, “f” - the borrower requires support and cannot take out a loan on his own.

The designations are different for both Moody's and Standard & Poor's. For example, Moody's recently downgraded Fiat's corporate rating from Ba1 to Ba2. This means that the long-term debt obligations of the Italian company are not only exposed to significant credit risk, but also have a negative outlook. By the way, the European Financial Stability Fund, created in May last year, according to Moody's, has the highest credit rating - AAA.

As you can see, it is not easy to explain in a nutshell what the letters in the rating scale for a particular company mean. One thing is clear: an increase in rating is good, a decrease is bad.

On the other hand, I would like to dwell on one important aspect - the objectivity of rating agencies. Almost all companies that are on the appraisal services market are commercial, the main goal of which, of course, is profit. This applies to both international and national agencies, of which there are also many. According to the companies themselves, their assessment is completely objective. It's clear!

However, practice shows that this is not always the case. Corporate orders for a good or, conversely, bad forecast for a competitor often take place - everyone buys money. The most striking example was the global financial crisis of 2008-09, when a number of the largest companies with platinum ratings found themselves on the verge of default.

Rating agency A.M. Best Company

A.M. Best Company is international rating agency for securities and exchanges headquartered in Oldwick, New Jersey, is designated a Nationally Recognized Statistical Rating Company (NRSRO).

History of A.M. Agency Best Company

In New York, Alfred M. Best was founded in 1899 and moved to Morristown, New Jersey in 1965 and subsequently to Oldwick, New Jersey in 1974. It also maintains a presence in London and Hong Kong and a news bureau in Washington DC.

Additional technical information

In addition, our reports may include additional information received by us, such as:

Data provided in response to our questionnaires.

Audit reports prepared by certified public accountants.

Loss-reserve reports prepared by loss-reserve specialists.

Annual reports for shareholders and policyholders.

Generally Accepted Principles accounting(GAAP) or International Financial Reporting Standards (IFRS) financial reporting.

submitted to the Securities Commission and exchanges(SEC) in the USA.

While information obtained from these sources is believed to be reliable, its accuracy is not guaranteed. AM Best does not host audit the firm's financial statements or statements, and therefore cannot confirm as to the accuracy of the information provided to us. Therefore, no representations or guarantees made or given in relation to the accuracy or completeness of the information and no responsibility can be taken for any errors, omissions or inaccuracies in our reports.

Rating agency Morningstar

Morningstar is international rating agency in the USA. Specializes in the collection and analysis of information on mutual investment funds. Offers to its consumers databases, surveys, training courses, analytical tools and software. The agency oversees approximately 8,000 funds operating in the US (the majority of mutual funds operating in the country). Provides information on mutual funds to CNN, The New York Times, Money, Yahoo.com, SmartMoney.com.

About Morningstar

Morningstar, is the host supplier independent investment research in North America, Europe, australia And Asia. We offer a wide range of products and services for individuals. individuals, financial advisors and institutions.

Morningstar provides data on approximately 433,000 investment offerings, including stocks, mutual funds and similar vehicles, as well as real-time global market data on nearly 10 million stocks, indices, futures, options, commodities, and, in addition to foreign currency and markets. Morningstar also offers investment management services and has approximately $166 billion in assets under advice or management as of June 30, 2013. We have operations in 27 countries. Morningstar australia working in Australia and New Zealand since 1999. The company's flagship retail websites, www.morningstar.com.au and www.morningstar.net.nz, offer comprehensive data and unbiased information on over 12,000 managed equity funds and 2,000 available to individual investors in Australia and New Zealand, including including Morningstar's own 250 individual stocks and 300 investment strategies distributed through 4,000 individual funds. The site also offers independent editorial content produced by Morningstar Analysts and journalists based in Sydney and around the world. In addition to the investing site, Morningstar Australia provides wide range innovative products and services for investors, consultants and institutions. These include Morningstar® Advisor Workstation™, a comprehensive, web-based investment planning system, and Morningstar Direct™, a global institutional platform investment analysis. The firm also licenses Stock and Stock Datafeeds, publishes newsletters and investor trading magazines, and sells stock research and analysis software.

The idea for Morningstar originally came from founder Joe Mansueto in 1982, while reviewing the annual reports of mutual funds, which, at his request, came from several well-known fund managers. Subsequently, Morningstar was founded in 1984 in a Chicago two-room facility with an initial investment of $80,000. The name Morningstar was taken from the last sentence in Walden, a book by Henry David Thoreau; "The sun is but a morning star".

In July 1999, Morningstar accepted a $91 million investment from SoftBank in exchange for a 20% stake in the organization. The two firms formed a joint venture in Japan.

Primary Public offer Morningstar materialized on May 3, 2005 with 7,612,500 shares at $18.50 each. The path that publicized Morningstar is known. They began to follow the steps and use the OpenIPO method rather than the traditional method.

This allowed individual investors to bid on the price of the stock and gave all investors equal access.

As of December 2008, Joe Mansueto has approximately owned 57% of the outstanding shares.

National Rating Agency

The National International Rating Agency is a Russian agency that has been rating financial market participants since the beginning of 2000 and is a member of leading international rating agencies Russian Federation. Initially, the first rating projects were carried out in the information and analytical department of NAUFOR. The pilot project "Ratings of investment companies" was created in 2002. The development of the agency under the brand "National International Rating Agency" began in 2004. Currently, the National International Rating Agency assigns ratings to more than 700 Russian companies on 50 indicators on a quarterly basis (among these companies are: managers and investment firms, insurance organizations, banks, non-bank credit companies, issuers, registrars, enterprises in the real sector of the economy, pension funds). All ratings can be divided into two types - individual and remote.

About agency National Rating Agency

"National International Rating Agency" - an agency that brings together professional Analystov and risk managers. We set ourselves the goal not only of our own development, but also of promoting the development of rating services in the Russian Federation. We hope that the experience gained by us allows us to create objective ratings and provide comfortable conditions work for all our clients and partners.

The National International Rating Agency (NRA) has been operating since 2000 and is one of the leading independent rating agencies in the Russian Federation. As of today, more than 200 legal entities are NRA clients according to the assigned contact ratings. More than 800 companies and banks participates in other information projects NRA, whose materials are regularly published in the media, on the agency's website and social networks. Among them are banks, insurance, investment and managers firms, leasing organizations, non-bank credit companies, enterprises in the real sector of the economy, pension funds, registrars, many of which are public companies and have market (stock) quotes for debt and equity.

The first rating projects were carried out within the framework of the information and analytical department of NAUFOR. In 2002, a pilot project "Ratings of investment companies" was created. Since 2004, the Agency has been developing under the brand name "National International Rating Agency".

Since 2008, the NRA has been following code professional ethics of Russian international rating agencies, approved by the Council of the SRO NFA.

In September 2010, the Agency was among the first to be accredited by the Ministry of Finance of the Russian Federation, thus confirming the high level of assigned ratings.

NRA ratings are officially recognized by state regulators of the Russian financial market, government departments and corporations, professional associations enterprises, as well as the largest companies - professional participants. In particular, the Bank of Russia, Vnesheconombank, the Federal Financial Markets Service of the Russian Federation, the State Corporation Russian Corporation of Nanotechnologies (ROSNANO), the Ministry of Agriculture of Russia, the Agency for Mortgage and Housing Lending (AHML), the stock markets of OJSC RTS and CJSC MICEX Stock Exchange, National Association of Participants stock market(NAUFOR), the National Stock Association (NFA), the National League of Managers (NLU), the Association of Russian Banks (ARB).

The agency has an affiliated partner agency in Ukraine (an independent rating agency) and since 2011 has been an active member of the European Association of International Rating Agencies (EACRA).

NRA today is a professional team of Analysts who have significant experience in large companies and banks in the financial, stock and insurance markets of the Russian Federation. Decisions on assigning ratings are made by a collegial body (Rating Committee), which, together with professional experience, allows avoiding subjective errors and excludes unprofessional judgments.

Along with assigning ratings, we are actively implementing socially significant projects. Among them, the implementation together with large Russian auditors a unified methodology for calculating the yield on trust management based on global investment standards (GIPS), "Rating of the quality of asset management of open mutual funds", "Rating of the quality of risk management systems", "Rating Financial stability of banks", "Bank liquidity barometer", "Rating State Forest Management in the Subjects of the Russian Federation” in cooperation with WWF.

Currently, the National International Rating Agency maintains ratings and rankings in the following areas:

For each segment, statistics has been accumulated, which is located in open access on our website in the relevant sections. In addition, you can get acquainted with the current performance of companies by selecting the group of companies you are interested in, grouped by industry.

Also about the agency:

2002

2004

NAUFOR announces the creation of an international rating agency (RA NAUFOR) on the basis of its Information and Analytical Department. The decision to establish the agency was made at the meeting of the Board of Directors of the Association on March 30, 2004.

The activities of the Office have long gone beyond the activities of the Association itself. Ratings are no longer limited to member organizations

NAUFOR, and the number of companies interested in participating in the ratings is steadily growing. NAUFOR experts believe that expanding the circle of rated market participants will allow a more objective assessment of the position of each of them.

RA NAUFOR is a non-commercial project that involves the participation of any company in the rating free of charge. As Viktor Chetverikov, head of the international rating agency NAUFOR, noted, the Agency's analytical products will continue to be freely available on the Association's website.

Monitoring the rating of market participants will allow you to quickly track any qualitative changes in their financial condition, - Viktor Chetverikov emphasized. - I hope that our activities will contribute to increasing transparency in the market, - he added.

2006

July - "RA NAUFOR" significantly expanded its profile of activity, changed its name to LLC "National International Rating Agency" (NRA).

2008

December - Board of Directors Russian Central Bank included the NRA in the list of agencies whose ratings are applied central bank

In accordance with the Regulation Russian central bank dated October 16, 2008 No. 323-P "On the provision of unsecured loans by the Russian Central Bank to Russian credit institutions" Board of Directors of the bank

of the Russian Federation on December 11, 2008 decided to include the National International Rating Agency in the list of agencies whose ratings are applied central bank to assess the creditworthiness of credit institutions.

December - RUSNANO Group of Companies provided an opportunity to provide investment advisory services to professional participant companies with an NRA rating (not lower than "A-").

Banks with an individual rating of the National International Rating Agency not lower than A- are given the opportunity to provide advisory services in the implementation of investment projects of the State Corporation "Russian Corporation of Nanotechnologies".

In particular, the tasks of the adviser include the development of proposals for the company's motivation system for project teams of RUSNANO Group of Companies, including the KPI system and option programs for projects.

October - Vnesheconombank provided an opportunity to obtain a subordinated loan to banks with an NRA rating (not lower than "BBB-").

On October 20, 2008, the Supervisory Board of Vnesheconombank approved the Procedure for Implementation by the State Corporation for Development and Foreign Economic Affairs (Vnesheconombank) of the Measures Provided by Articles 4 and 6 of Federal Law No. 173-FZ of October 13, 2008 "On additional measures ah to support the financial system of Russia”. According to the decision taken on Monday, October 20, 2008, banks rated

of the "National International Rating Agency" with a long-term creditworthiness of at least "BBB-" according to the "National International Rating Agency" have the opportunity to submit an application to Vnesheconombank to consider the possibility of obtaining a subordinated loan.

February - NRA was accredited by SRO National Stock Exchange (NFA). The NRA reiterates its intention to follow the principles code professional ethics of Russian international rating agencies, developed by a special working group of the NFA on rating.

Today, February 5, 2008, the Council of the SRO National Stock association(NFA) approved the professional ethics of Russian international rating agencies, developed by the special Working Group of the NFA on rating.

The working group included the following international rating agencies: National International Rating Agency, AK&M and RusRating.

The press release of the source states: “When developing the code, the key standards of the Code of Basic Provisions of Professional Ethics for IOSCO Credit Rating Agencies, the criteria for acceptability of international rating agencies contained in the Document of the Basel Committee on Banking

supervision "International convergence of capital measurement 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 of conduct for Russian international rating agencies, as well as to increase the level of investor protection, efficiency and transparency of the financial market and the economy as a whole.

year 2009

April - NRA was included in the list of international rating agencies whose ratings are taken into account when calculating the minimum levels of issuer credit ratings ( money issues) securities for inclusion and maintenance of securities in the quotation list of CJSC "MICEX Stock Exchange" "A" of the first level.

On April 16, 2009, the Board of Directors of CJSC MICEX Stock Exchange approved the List of international rating agencies and minimum levels of credit ratings of issuers (issues of securities) of securities for inclusion and maintenance of securities in the Quotation List of CJSC MICEX Stock Exchange "A" of the first level.

The approval of this List was a 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 edition of the Rules for Listing, Admission to Placement and Circulation of Securities on MICEX Stock Exchange CJSC, approved by the Board of Directors of MICEX Stock Exchange CJSC February 03, 2009 (hereinafter - the Rules listing).

In particular, the new edition of the Rules listing supplemented by the requirement, when including and maintaining issuers' bonds in the First Level Quotation List of CJSC MICEX Stock Exchange "A", that the issuer and/or issue of bonds of this issuer has a 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 Listing Rules stipulate that the level of the rating of the issuer and/or the issue of bonds of this issuer, as well as the list of international rating agencies, is established by the Board of Directors of MICEX Stock Exchange CJSC. This requirement applies to bonds of corporate issuers, as well as issuers of sub-federal and municipal bonds, and comes into force on April 17, 2009.

2010

October - NRA successfully passed the accreditation procedure with ministry of finance Russia, as a result of which the Agency was included in the register of accredited international rating agencies.

May - NRA launches its own project: a series of conferences on risk management.

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 its information and research projects. Founded in 1997. In 2002, it was established with the international rating agency AK&M, within the framework of which joint work is carried out on the ratings of Russian regions and municipalities. Also, the international rating agency assigns ratings of corporate governance, reliability of insurance companies, quality of asset management of funds, reliability of pension funds, quality of services of management companies. Accredited at ministry of finance RF.

Activities of the 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 1998 crisis, it has significantly expanded its presence in Russian market rating services over the past decade. Several new rating products have been developed, traditional ones have developed significantly.

The activity of the agency can be considered longer if we take into account not only the financial stability rating created by the Expert RA agency in 2001, but also take into account its predecessor, the Efficiency-Profitability rating, which was developed by the Expert magazine long before the crisis 1998 Financial Strength Rating is still published, despite some limitations of its capabilities. It uses, as input data, bank balance sheets for secondary accounts, as well as balance sheets for these accounts.

Classification of banks by groups of financial stability is carried out on the basis of scoring of a number of indicators of capital adequacy, liquidity, asset quality, profitability and management evaluation. At the same time, ranking is carried out according to financial stability within groups that are more or less homogeneous in size and nature of activity.

The "Expert RA" family of ratings includes classic credit ratings of companies in all sectors of the economy, regions and municipalities, as well as ratings characterizing various aspects of corporate social responsibility: corporate governance rating, corporate environmental responsibility rating.

The Agency also regularly publishes ranked lists of the largest companies in the Russian Federation (Expert-400 project) and leaders in certain industries and sectors of the economy. Since 1996, "expert RA" annually prepares and publishes a rating of investment attractiveness of the regions of the Russian Federation. This information is published in Expert magazine, a popular source of business information in the Russian Federation. Expert RA assigned the first credit ratings in 2001. The main purpose of credit ratings is to provide a comprehensive and independent assessment of the creditworthiness of companies and regions. Currently, 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, have received Expert RA credit ratings.

Since 2003, the international rating agency "Expert RA" has been assigning environmental responsibility ratings to companies, which make it possible to reliably assess the effectiveness of environmental protection activities. The rating methodology was approved World Fund wildlife and other non-governmental environmental organizations. Currently, more than 30 companies have been assigned environmental responsibility ratings.

Making 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 assigned more than 600 individual ratings. Expert RA holds the 1st place and 40% of the total number of assigned ratings in the Russian Federation, the 1st place in terms of the number of ratings of banks, insurance and leasing companies, private pension funds, microfinance organizations, guarantee funds and companies in the non-financial sector.

Since 2013, the agency has been assigning sovereign ratings to countries, as well as ratings to companies, banks, sub-federal and municipal creditors on an international scale. The agency also assigns ratings according to the national scales of the countries in which it has its own representative offices (in Kazakhstan and Belarus).

The international rating agency "Expert RA" is accredited by the Ministry of Finance of the Russian Federation. Expert RA ratings are included in the list of official requirements for banks, insurers, pension funds, issuers. The agency is officially recognized FFMS, the Central Bank of Russia, Vnesheconombank of the Russian Federation, the Moscow Exchange, the Agency for Housing Mortgage Lending, the Deposit Insurance Agency, professional associations and self-regulatory organizations (VSS, the Rossiya Association, the Agency for Strategic Research, RAMI, NAPF, NLU, NSG, NFA), as well as hundreds of companies and bodies authorities during 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, public trusts and regional authorities. Most of the projects are complex in nature and include research and communications (by analogy with the think tank technology - the development of knowledge and its implementation in the minds of the public and authorities).

The future of the financial system of the Russian Federation.

Industrial policy.

Technologies of regional development.

Technologies of innovative development.

professional associations and self-regulatory firms: VSS, association"Russia", RSA, NAPF, NLU, NSG, NFA

About 80 diplomas, awards and letters of thanks have been received by the "RA expert" and its employees during its existence.

Expanding the information space

The annual increase in citation in the media is an average of 15%. In terms of the number of references in the media among international rating agencies, Expert RA is not inferior to foreign agencies and is among the top three. Analystov articles are published by the agency: Kommersant newspaper, Expert magazine, specialized publications. We are quoted by: Vedomosti RBC Daily, Izvestia, Russian newspaper, Russia 24, RBC TV and other media. Daily traffic to the site is up to 15,000 people.

Like-minded team

The agency is the core of the analytical block of the media holding "Expert", which also includes the analytical center "Expert", a representative office of the international rating agency "Expert RA" in Kazakhstan. In terms of the number of employees (about 140 people), "Expert RA" is the largest communication and analytical center. Average age employees - 25-30 years. According to various marketing studies, these people are the basis of any economy, the most active part of the country's population.

2007 is the year of the 10th anniversary of the activities of the international rating agency "Expert RA". During this time, we have gone from a small group of specialists in certain segments of the economy to a powerful analytical center that performs a wide range of activities: from generating an independent opinion on the development of the country's economy to ensuring information exchange between companies, government, funds mass media.

"expert RA" - the first independent national international rating agency, which began to compile a list of the largest companies in the Russian Federation - the rating "Expert-400" and the rating of investment attractiveness of the regions. We were the first to draw the attention of the professional community to the problems of risk management and preparation of annual reports, bringing them up for open discussion. We were the first to assign credit ratings to insurance and leasing companies, ratings of the quality of services to management companies.

During this decade, "Expert RA" has taken a leading position in compiling ratings, conducting analytical research and organizing business events for many sectors of the economy: from audit and consulting to the financial sector and industry.

Code of Professional Ethics "Expert RA"

"Expert RA" publishes a number of ratings, the most common of which are credit ratings. A credit rating is a current assessment of the ability of an entity or a monetary issue of securities to fulfill financial obligations on time, and not a statement of present or past facts. Expert RA liability ratings are displayed through a gradation system, using the symbols 'A++' to 'A' to designate 'investment grade' issuers and instruments with a relatively low probability of default. The symbols "B++" - "D" are used to designate issuers and issues that fall within the "speculative level" area, indicating a relatively high probability of default and the default itself. Rating definitions are available on the website www.raexpert.ru. The ratings are applicable both to various subjects, including regions and corporations, and to a number of instruments.

Ratings are not advice or recommendations. "expert RA" publishes its ratings, assuming that everyone will conduct their own research and evaluation of each paper (issuer) under consideration. Expert RA's credit ratings are based on information obtained by Expert RA from sources believed to be reliable. "expert RA" generally relies on issuers and their agents to provide accurate, timely and complete information.

"Expert RA" retains full editorial control over the content of publications related to credit ratings. The editorial "RA expert" includes the right to decide when to publish a credit rating or any related information, except where public disclosure of a credit rating is precluded by contract.

Basic Code of Ethics for International Credit Rating Agencies

Credit international rating agencies can play important role on modern markets capital. International credit rating agencies usually express their opinion on the credit risk of securities and financial obligations of issuers. Given the vast amount of information available to an investor, both valuable and non-valuable, international credit rating agencies can play an important role in helping investors and others analyze this information and the credit risks they face when lending to a particular lender or buying an issuer's debt. and papers similar to debt.

The IOSCO Principles were intended as a useful tool for securities regulators, international rating agencies, and others who wish to describe the environment under which international credit rating agencies operate and how market participants use ratings. Because international credit rating agencies are regulated and operate differently in different jurisdictions, the IOSCO Principles only pose a challenge high level that international rating agencies, regulators and others must decide to improve investor protection, as well as for the fairness, efficiency and transparency of securities markets and reduce their systemic risks. The IOSCO Principles have been developed to apply to all existing types of international credit rating agencies operating in various jurisdictions. However, given the differences in market, legal and supervisory environments in which international credit rating agencies operate, as well as their differences in size and business models, the way in which the Principles are followed has been left to the international credit rating agencies. The principles suggest that various mechanisms can be used, including market and regulatory ones.

Along with the IOSCO Principles, the Technical Committee published a Report on the activities of international credit rating agencies, which outlined the activities of international credit rating agencies, the regulatory issues associated with such activities, and how the IOSCO Principles respond to these problems. The report highlighted the growing and sometimes controversial importance attached to the judgments and estimates of international credit rating agencies and found that in some cases the activities of international credit rating agencies are not always correctly interpreted by both investors and issuers. Given this lack of understanding, and little formal regulation and oversight of international credit rating agencies in most jurisdictions, concerns have been raised about how to protect the integrity of the rating process, ensure that investors and issuers are treated fairly, and guarantee the confidentiality of information provided by issuers to credit international rating agencies. .

Following the publication of the IOSCO Principles, some commentators, including some of the international credit rating agencies, suggested that it would be helpful if IOSCO developed a more specific and detailed code of ethics to guide the practical implementation of the Principles. The Code of Ethics Framework for International Credit Rating Agencies was a response to these expectations. Together with the IOSCO Principles, with which they should be applied, the IOSCO Core Code was developed through discussions among IOSCO members, international credit rating agencies, representatives of the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), issuers and the general public. .

The IOSCO Code Fundamentals 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 the individual codes of international credit rating agencies and should receive full support. management agencies and be backed by enforcement and compliance mechanisms. However, the list of measures provided in the IOSCO Code Fundamentals is not exhaustive: international credit rating agencies and regulators should consider the need for additional measures to properly comply with the principles in a particular jurisdiction, in addition, the Technical Committee may revise the IOSCO Code Fundamentals in the future, if necessary. events.

The IOSCO Code Basics offer only the steps that international credit rating agencies must take to ensure adherence to the IOSCO Principles. The fundamentals of the IOSCO Code do not concern at least important issues cooperation on the part of issuers in terms of providing complete and accurate information to the market and international credit rating agencies, which they order ratings. While the Fundamentals of the IOSCO Code deal with the responsibilities of international credit rating agencies to issuers, the primary purpose of the Fundamentals of the IOSCO Code is to protect investors by ensuring the integrity of the rating process. IOSCO members testify that credit ratings, among many other purposes, exist mainly to facilitate the assessment by an investor of the credit risks they face in undertaking particular transactions. Maintaining the independence of international credit rating agencies in relation to rated issuers is important to achieve this goal. The provisions of the IOSCO Code Fundamentals dealing with the obligations of international credit rating agencies towards issuers were developed to improve the quality of credit ratings and their degree of usefulness for investors. These provisions should not be interpreted in a way that undermines the independence of international credit rating agencies and their ability to issue timely ratings.

Like the IOSCO Principles, the IOSCO Core Code promised to be useful to all types of international credit rating agencies that rely on different business models. The types of mechanisms and procedures that international credit rating agencies use to ensure compliance with the Fundamentals of the IOSCO Code may vary depending on the market or legal context in which the international credit rating agency operates.

The fundamentals of the IOSCO Code have been developed to apply both to all international credit rating agencies and to all of their full-time and part-time employees. An employee of a credit international rating agency, hired mainly as a credit rating agency, hereinafter referred to as "Analystom". For the purposes of the IOSCO Code Fundamentals, the term "international credit rating agency" refers to those companies whose activities are related to the publication of credit ratings that assess the credit risk of issuers of debt and similar debt securities. For the purposes of the IOSCO Code Fundamentals, the term "credit rating" means an opinion on the creditworthiness of an entity, a liability, debt and debt-like securities, or an issuer of such securities, expressed using a recognized and defined system. As described in the Performance Report of International Credit Rating Agencies, credit ratings are not purchase recommendations, sales or holding any securities.

As described in the IOSCO Principles, international credit rating agencies should strive to publish ratings that help reduce information asymmetries between creditors and issuers of debt and debt-like securities on the one hand, and borrowers and buyers of debt and debt-like securities on the other. Rating analysis of low quality or analysis performed with questionable integrity is not needed by market participants.

Outdated ratings that do not reflect changes in an issuer's financial position or outlook may be misleading to market participants. Moreover, conflicts of interest or other improper forces - external or internal - that may, or even do, infringe upon the independence of rating decisions could undermine the credibility of an international credit rating agency. If a conflict of interest or lack of independence is common among international credit rating agencies and hidden from investors, their overall confidence in the transparency and integrity of the market can be irreparably damaged. Credit international rating agencies are also responsible to investors and the issuers themselves, including in terms of maintaining the confidentiality of some of the information that they share with the agency. To achieve the objectives set out in the IOSCO Principles, which should be read in conjunction with the IOSCO Code Core, an international credit rating agency must adopt, publish, and adhere to a code of ethics.

"expert RA" must introduce and use procedures to ensure that all judgments distributed by "expert RA" are based on a comprehensive analysis of all information known to the agency that is significant for the analysis in accordance with the published rating methodology, and also monitor the implementation of these procedures.

The “RA expert” should use a thorough and systematic methodology and, where possible, produce ratings that can be objectively assessed based on historical experience.

When assessing an issuer's creditworthiness, analysts involved in the preparation or review of a rating action should be guided by the "RA expert" methodology. Analysts apply this methodology in a consistent manner, as determined by the 'expert RA'.

Credit ratings must be assigned by the appropriate bodies of the "RA Expert" and not by individual Analystami agencies; ratings must reflect all available information that the "RA expert" considers material in accordance with its published methodology; The “RA Expert” must employ personnel who, individually or collectively, have sufficient knowledge and experience to make a rating judgment for a given rating type.

"Expert RA" must keep internal documents supporting the ratings for a reasonable period, but not less than 3 years.

Expert RA and Expert RA analysts should take steps to avoid publishing credit analyzes and reports that are misleading or misleading as to the overall creditworthiness of the issuer or liability.

Expert RA must maintain sufficient resources to conduct high quality credit assessments of all rated bonds and issuers. When deciding whether to start or continue rating a bond or issuer, "expert RA" weighs its ability to devote sufficient qualified personnel to an accurate rating assessment, as well as the availability of sufficient information necessary for such an assessment.

"expert RA" must take reasonable steps to ensure that the information used to assign a rating is of sufficient quality to assign a credible rating. In the event that a rating is assigned to a financial product for which statistical data are not available (as in the case of innovative financial instruments), "expert RA" should emphasize the limitations of the assigned rating.

"Expert RA" creates a body consisting of one or more senior managers with sufficient experience to determine the appropriateness of assigning a rating to an entity that is materially different from the entities rated by "Expert RA".

An unbiased and formalized body has been created and operates in the “expert RA”, responsible for the periodic review of methods and models, as well as significant changes made to the methods and models used. Where the scope of rating services allows, this body is separate from the units responsible for rating the various classes of issuers and liabilities.

"expert RA" should analyze whether it is acceptable to use existing methods and models to determine the level of a structured credit rating goods in the event of a significant change in the asset underlying the structured good.

With the exception of those ratings that directly indicate that they do not entail subsequent continuous monitoring, in relation to the remaining ratings, after assignment, "expert RA" conducts continuous monitoring and subsequent updating of the rating by:

regular review of the issuer's creditworthiness;

Subsequent monitoring should be carried out using all the accumulated experience. Changes to the rating criteria should apply, where meaningful, to both initial and subsequent ratings.

"expert RA" always makes known that it stops rating the issuer or obligation. The ongoing publications of expired ratings by "expert RA" contain the date of the last update and an indication of the fact that there was no subsequent update.

"expert RA" and "expert RA" employees must comply with all relevant laws and regulations that govern their activities in each of the jurisdictions where the “RA expert” is present.

"expert RA" and employees of "expert RA" must honestly and fairly deal with issuers, investors, other market participants and the public.

"RA expert" should not hire persons with a damaged reputation, but as agency analysts should adhere to high standards of integrity.

"expert RA" and employees of "expert RA" should not, directly or indirectly, give any assurances or guarantees in a particular rating prior to the rating assessment. This should not prevent "expert RA" from making preliminary assessments in structured finance and similar transactions.

"expert RA" forbids its Analystams to express offers or recommendations affecting the form of structured financial products rated by Expert RA.

The Compliance Director will be responsible for the implementation of the "expert RA" and "expert RA" employees of the provisions of the code and the relevant laws and prescriptions. The Chief Compliance Officer should not be accountable to the Rating Operations Unit, nor should the size of his compensation package be independent of them.

In case of discovery of illegal, unethical or contrary to this code behavior of a colleague or an organization affiliated with the “RA expert”, the employee is obliged to immediately transfer such information to the Compliance Director so that he takes the necessary actions. The Chief Compliance Officer is required to take action as required by the laws and regulations of that jurisdiction, as well as the rules and recommendations of the "expert RA". Management"expert RA" must prevent retaliation on the part of other employees of "expert RA" or "expert RA" itself in relation to employees who made such reports in good faith. While employees are not always expected to have expert knowledge of the law, they are expected to be sensible about the questionable activities of others.

A. Transparency and Timeliness of Rating Disclosures

"expert RA" should timely disseminate rating decisions on the subjects of rating and rated securities.

"expert RA" should publicly disclose its policy of disseminating ratings, reports and updates.

With the exception of "private ratings" provided only to the issuer, "expert RA" shall publish, on a non-selective basis and free of charge, all ratings of publicly traded securities, issuers themselves, as well as all subsequent decisions to suspend such ratings, if rating actions are based in part or in full on material non-public information.

"expert RA" should publish sufficient information about procedures, methodology and assumptions (including adjustments to financial statements that differ materially from those 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 to) the values ​​of each rating category, the definition of default or replacement cost, and the time horizon over which Expert RA extends its rating actions.

Where possible and necessary, before assigning or revising a rating, Expert RA should provide the issuer with important information and the main considerations on which the rating will be based and give the issuer an opportunity to clarify any possible factual misunderstandings or other issues of interest to Expert RA within the assigning the correct rating. "expert RA" will properly evaluate the answer. In the event that circumstances have developed in such a way that the “RA expert” did not inform the issuer about the assignment or revision of the rating, the “RA expert” should inform the issuer about this as soon as practically possible and then, in general, explain the reason for the delay. .

In order to promote transparency and to enable the market to better judge the quality of ratings, "expert RA", where possible, should publish sufficient information on historical default rates by rating category, as well as the dynamics of such shares by rating category, so that interested parties could understand it and qualitatively compare the ratings of various international credit rating agencies. If the nature of the ratings or other circumstances make historical default rates irrelevant or statistically insignificant, or could mislead users of the ratings, the 'expert RA' should explain this.

For each rating, "expert RA" must disclose whether or not it has participated in the rating process. All ratings not ordered by the issuer must be designated as such. "expert RA" will disclose the principles and procedures related to distance ratings.

Because users of credit ratings rely on Expert RA's existing understanding of methodology, practices, procedures and processes, Expert RA must fully and publicly disclose all material changes to them. Where applicable and permissible, disclosure of such material changes must be made prior to their implementation. The 'expert RA' should take a close look at the various uses of credit ratings prior to changing methodology, practices, procedures and processes.

"expert RA" establishes procedures and mechanisms to protect the confidential nature of information that it receives in accordance with a confidentiality agreement or on a mutual understanding of the confidentiality of the transmitted information. Unless otherwise stated in agreement on confidentiality and is consistent with laws and regulations, "expert RA" and employees of "expert RA" should not disclose confidential information in press releases, on research conferences, to future employers or in conversations with investors, other issuers and others.

"expert RA" should use confidential information only for purposes related to rating activities or, otherwise, in accordance with a confidentiality agreement concluded with the issuer.

Expert RA employees must take all reasonable steps to protect all property and documents belonging to or in the possession of Expert RA from forgery, theft or misuse.

"Expert RA" employees are prohibited from trade securities of issuers if they have confidential information about the issuer or securities.

To protect the confidentiality of information, Expert RA employees must familiarize themselves with the internal principles in the field of securities trading that the employer adheres to and periodically confirm adherence to these principles.

Expert RA employees must not selectively disclose any non-public information about rating assessments or possible future rating actions, except to the issuer or its designated agents.

Expert RA employees must not share entrusted confidential information with employees of affiliated companies that are not international credit rating agencies, and should not share it unnecessarily within Expert RA.

Expert RA employees must not use or share confidential information for the purpose of trading in securities or for other purposes not related to the performance of their official duties.

Disclosure of the code and communication with market participants

"expert RA" publishes a "code of professional ethics" on the website www.raexpert.ru in the public domain. The provisions of the code of professional ethics "expert RA" fully ensure the implementation of the Regulations on the principles of activity of credit international rating agencies and the Fundamentals of the Code of Ethics for international credit rating agencies IOSCO. The provisions of the "expert RA" code do not deviate from the provisions of IOSCO. The Chief Compliance Officer is responsible for the implementation and enforcement of the "RA expert" code of professional ethics and regular disclosure of changes to the code. The Chief Compliance Officer regularly reviews and evaluates the effectiveness of the implementation and enforcement of the code.

The Compliance Director is also responsible for communicating with market participants and the public on all questions, concerns and complaints that the “RA expert” may receive. The result of such communication should be that the “RA expert” is informed on all issues related to the establishment of the principles of the firm.

Disclaimer

The Expert RA Code of Professional Ethics has been published to promote transparency in the rating process. "expert RA", however, does not imply any obligations and liability to third parties arising from or related to the "expert RA" code. Expert RA's Code of Ethics is not intended to be part of any contract with anyone and no one can be expected to compel Expert RA to comply with the provisions of the code. "Expert RA" at its sole discretion may change the Code at any time.

International and Russian international rating agencies are also accredited: Moody's investor Service, Fitch Ratings СIS Ltd, Standard & Poor's International Services, Inc, National International Rating Agency, Rus-Rating, Expert-RA.

The requirements for accredited international rating agencies are contained in the Order of the Ministry of Finance No. 37 dated 04.05.2010.

AK&M news agency

Certificate of the Russian Press Committee on the registration of mass media N 03139 dated January 15, 1996

AK&M was founded in 1990 as a closed joint-stock company(AO)(CJSC "AK&M") and since its inception has been one of the most famous and influential information and analytical agencies. The main specialization is economic information.

The AK&M website on the Internet has been the leading information portal in the field of economics and finance for many years.

Since 2001, AK&M has been authorized by the Federal Financial Markets Service of the Russian Federation to disclose information on the securities market. Within the framework of these powers, the agency created and maintains the Information Disclosure System on the securities market - DISCLOSURE. The system accumulates all relevant information about issuer companies registered in the Russian Federation, including quarterly reports and significant events of issuers, information on money issues of securities, lists of affiliates and other information. Data enters the system directly from the FFMS of the Russian Federation, its regional branches, and issuing companies.

AK&M is represented on the market of economic information by a number of its own information and analytical products.

Information products:

operational news feed "AK&M-Online News";

information retrieval system "DataCapital";

"Fund Bulletin".

disclosure in AK News Feed

disclosure of information on the Page on the Internet;

operational tape of essential facts;

reporting of issuing companies.

Analytical products and services:

Bulletin "Sectors of the Russian Economy: Production, Finance, Securities";

Bulletin "Market of Mergers and Acquisitions";

analytical studies to order;

Stock Indices.

(Since 2005, the activities of the information agency AK&M in the field of building ratings have been continued by CJSC International Rating Agency AK&M):

various rankings;

Study of the relative creditworthiness of subjects of the Russian Federation.

Professional conferences, forums, round tables:

Information and analytical products of the agency are used in their work by more than a thousand organizations and enterprises, including the Administration president Russian Federation, Office of the Government of the Russian Federation, Committees State Duma and Council federations Federal Assembly of the Russian Federation, 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, RFBR, 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 been successfully cooperating with mass media for a long time. Central and regional periodicals and magazines actively quote the news and publish thematic materials prepared by the agency's specialists. AK&M news, covering corporate events, is constantly published by such well-known newspapers as Vedomosti, Kommersant, "", magazines "Expert", "", "Securities Market", "Banking", "BDM. Banks and the Business World”, as well as Internet portals: Gazeta.ru, Polit.ru, Lenta.ru, Rambler.ru, Cbonds, RBC and many others. The AK&M information is quite widely quoted by the regional media.

Interested parties abroad have the opportunity to receive AK&M information about the Russian stock market and corporate events both through the English version of the www.akm.ru server and through partner agencies.

The AK&M agency carried out extensive explanatory work in order to form a positive attitude towards the processes of information disclosure among Russian companies issuing securities. It resulted in a significant expansion of the datasets 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 is developing rapidly, expanding the scope of its services and constantly improving the quality of its information and analytical products.

In its work, the AK&M news agency uses the latest technologies in the areas of collecting, processing and disseminating information.

Today, the AK&M news agency maintains a high reputation a manufacturer of high-quality information services and a market leader in economic information.

Informa "AK&M-LIST"

Information Database "AK&M-LIST" is a unique professional information system, which includes complete information about the activities of enterprises, banks and financial companies, as well as detailed information about all segments of the financial market.

The volume of the Database is 9 GB, and it consists of several blocks of information, 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 from industrial enterprises and professional participants in the financial market and news archive since 1995;

Conjuncture securities market, exchange and (archive of quotations since 1993);

Market conditions for debts and bills

The presence of a history of corporate news since 1995, as well as information on the history of stock quotes of Russian issuers since 1993, make the database an indispensable tool for 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 sources of economic information in terms of completeness and depth of historical data.

Rating agency Credit-Rating

Agency "Credit-Rating" is the first in Ukraine (since 2001) a specialized international rating agency providing services in the field of independent assessment of the creditworthiness of borrowers with the assignment of credit ratings according to the National Rating Scale. Since 2003, the agency's ratings have been officially recognized by the Ministry of Finance of Ukraine. Since 2004, "Credit-Rating" has been an authorized agency of the State Commission for Securities and Stock Market of Ukraine for assigning credit ratings to business entities, sectors of the economy and regions. Since 2004, "Credit-Rating" has been an authorized agency of the State Commission for Securities and Stock Exchange of Ukraine for assigning credit ratings to business entities, sectors of the economy and regions. By the decision of the National Securities and Stock Market Commission dated April 10, 2012, the Credit-Rating agency 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 for the CIS countries and determined sovereign ratings for 12 governments of the CIS member states. In order to increase the transparency and investment attractiveness of the national economy, the agency annually conducts research on the information transparency of banks and insurance companies in Ukraine.

In 2010, the agency became a founding member 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 all important information available to the agency, which is carried out in accordance with published rating methodologies.

The international rating agency "Credit-Rating" uses sound and systematized methodologies, and the adequacy of the assigned ratings is subject to confirmation based on the historical level of defaults for each level of ratings.

When determining the creditworthiness of a creditor, analysts involved in the preparation of a 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 by the Rating Committee of the "Credit-Rating" agency, and not by an individual Analyst of the agency; the rating reflects all available information, is relevant, and also complies with the approved methodology. Agency "Credit-Rating" attracts to work in the Rating Committee Analysts who have the proper knowledge and experience in determining the rating of a particular creditor or obligation.

The international rating agency "Credit-Rating" keeps all the necessary information regarding the assignment of a rating for at least 3 years after the rating action, unless otherwise provided 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 the publication of any analytical materials and reports containing unrepresentative information or distorting the real picture of the creditworthiness of an individual creditor or obligation.

The international rating agency "Credit-Rating" confirms that it has sufficient resources to conduct a high-quality rating analysis of all liabilities and creditors it evaluates. When making a decision on rating or updating the rating of an obligation or creditor, the Credit-Rating agency evaluates whether it has enough professional specialists to conduct comprehensive rating studies and whether these specialists will be able to obtain all the necessary information to conduct such an analysis.

Regular review of the creditworthiness of the lender;

If the rating is published, the Credit-Rating agency publicly announces the termination of the update (if it took place) of this rating of the creditor 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 explicitly or implicitly provide guarantees regarding the level of the rating prior to its assignment. This does not restrict the international rating agency from providing forward-looking estimates regarding the level of credit rating of structured finance instruments and similar transactions.

The international rating agency "Credit-Rating" approves the policy and procedures for the implementation of this code, and also appoints an officer who is responsible for the compliance of the "Credit-Rating" agency and its employees with the norms of the code, the profile legislation and regulatory acts. Activities and payment of such an officer are independent of the result of the agency's rating actions.

In case of suspicion that an employee or a party responsible to the Credit-Rating agency is carrying out illegal, unethical actions, or actions that are contrary to the code, an employee of the international rating agency who has become aware of this must immediately report this. official responsible for monitoring the implementation of the Code, or the management of the agency "Credit-Rating" to take appropriate action. Employees of the international rating agency are not required to be specialists in the field of law. However, workers should report events they find suspicious. An official of the "Credit-Rating" agency, who received such a message, must take the appropriate measures provided for by law, regulations and rules of the international rating agency. The management of the agency "Credit-Rating" must prevent the persecution of employees who make such reports by 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 stock exchange participants.

The credit rating of a creditor or obligation assigned by the Credit-Rating agency cannot be influenced by the existence of business relations or potential changes in these relations between the international rating agency (or structures related to it) and the creditor or any other firm, or the absence of such relations.

The International Rating Agency "Credit-Rating" separates, in fact and legally, its rating activity from any other activity, including consulting, which may lead to a conflict of interest. "Credit-Rating" Agency ensures that there are mechanisms to prevent the emergence of a conflict of interest with the main activity of the agency in the implementation of other business operations (not related to rating).

The international rating agency "Credit-Rating" uses internal procedures that identify and regulate any existing conflicts of interest, as well as prevent the emergence of potential conflicts of interest 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 Credit-Rating will detect and prevent conflicts of interest through managerial enforcement.

The international rating agency "Credit-Rating" reveals the general nature of the formation of the tariff policy. If other payments are received from the rating object (for example, fees for consulting services), except for fees for rating services, the international rating agency "Credit-Rating" discloses the proportional ratio of these payments to the amount of fees for rating services.

In order to prevent conflicts of interest, the international rating agency "Credit-Rating" and its employees do not participate in trading in securities and derivatives.

In cases where the rating objects (such as governments) have supervisory functions over the activities of international rating agencies, the Credit-Rating agency uses for rating research employees who are not included in the process of interaction with the rating object on the implementation of the latter's supervisory functions.

Independence of 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 potential conflicts of interest. The remuneration of Analysts of the agency "Credit-Rating" does not depend on the amount of income that the international rating agency receives from the issuer.

Analysts of the "Credit-Rating" agency directly involved in the rating process cannot initiate discussions or take part in discussions of tariffs and payments with any creditor in whose rating these analysts take part.

own securities or derivatives a creditor that is the object of rating, except for ownership rights in diversified general investment institutions;

own securities or derivatives a party related to the creditor that is the subject of the rating. Possession of such documents may lead to a conflict of interest other than ownership rights in diversified general investment institutions;

Have been employed for the past 3 years or had other business relationships with a creditor that is the subject of a rating, which may cause a conflict of interest;

Have direct connections (wife, husband, parents, child, partner, etc.) with the creditor's employee who is the object of rating;

Have or have had ties with the lender that is the subject of the rating or a party related to it, this may cause a conflict of interest.

Analysts of the Credit-Rating agency and other persons associated with the rating process, as well as members of their families, are not entitled to buy, sell or conduct other transactions with securities that are issued, guaranteed or provided in any other way by a party belonging to priority liability Analystov, in addition to ownership rights in diversified general investment institutions.

Employees of the "Credit-Rating" agency cannot ask or demand money, gifts or services from any party with which the international rating agency does business, and cannot accept gifts from it in any form, the value of which exceeds 50 UAH.

Any employee of the Credit-Rating agency who has a private relationship that creates a potential risk of a conflict of interest (for example, a close personal relationship with an employee of an enterprise that is the subject of a rating) must report such relationship to the appropriate official of the international rating agency.

International rating agency "Credit-Rating" timely disseminates information on its rating decisions regarding securities intended for Public Offering or issuers of these securities.

The first assigned credit rating of a creditor or obligation is published free of charge and on a non-discriminatory basis for the general public, subject to the consent of the creditor to its publication (except for assigning ratings in the field of public finance), unless otherwise provided by applicable law;

For the first time, a credit rating assigned in the field of public finance (government, local governments, etc.) is published free of charge and on a non-discriminatory basis for the general public, regardless of the consent of the creditor, unless otherwise provided by applicable law;

Publication of information about all further rating decisions (affirmation, change of rating or forecast, suspension or withdrawal) regarding a rating previously published with the consent of the creditor is carried out by the international rating agency free of charge and on a non-discriminatory basis for the general public, regardless of the consent of the creditor, unless otherwise provided current legislation.

The international rating agency "Credit-Rating" together with the publication of the ratings presents the rationale for the rating decision. This information includes, among other things, the value of the rating level according to the rating scale and the period for which the agency analyzed the activities of the creditor when making a rating decision.

As a rule, before assigning or updating a rating, the Credit-Rating agency informs the creditor about the determining factors and main conclusions on which the rating decision is based, in order to provide the creditor with the opportunity to clarify and explain all disputed issues and avoid possible erroneous conclusions or other interpretations. Agency "Credit-Rating" should carefully study the answer. If the Credit-Rating agency did not inform the creditor about this in advance, the agency must inform him as soon as possible and explain the reasons for the delay.

In order to increase transparency and enable market participants to best assess the usefulness of the ratings, Credit-Rating publishes relevant statistics on the number of defaults for each level of ratings, as well as whether the number of defaults has changed over time, to the extent possible, in order to assess the adequacy of the ratings. ratings, their changes over time and provide an opportunity to compare the corresponding ratings of different international rating agencies. In the event that default statistics are inconsistent with rating levels and may become a source of misleading information for rating users, the international rating agency should explain the nature of these inconsistencies.

For each rating agency "Credit-Rating" notes whether it was involved in the rating process. Each rating assigned not on the initiative of the creditor, but 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 where it is possible, before publishing a public information rating, the Credit-Rating agency informs the creditor about the determining factors and main conclusions on which the rating decision is based, in order to provide the creditor with the opportunity to clarify and explain all disputed issues and avoid possible erroneous conclusions or other interpretations that must be taken into account by an international rating agency when assigning a rating.

Since users of credit ratings rely on the adequacy of the methodologies, practices, procedures and processes of an international rating agency, Credit Rating fully and publicly discloses any significant changes in methodology, practices, procedures and processes. Where possible, such publications should precede changes in existing methodologies. The international rating agency "Credit-Rating" takes into account the possibility of various use of credit ratings when making changes in methodologies, practices, procedures and processes.

The international rating agency "Credit-Rating" applies procedures and mechanisms to protect confidential information provided by creditors on the terms of a confidentiality concession or other mutual agreement. According to legislative and regulatory standards, the Credit-Rating agency and its employees do not disclose confidential information in press releases, at conferences, to future employees or in conversations with investors, creditors, other persons, etc., except when it is covered by the confidentiality agreement.

In order to preserve confidential information, employees of the Credit-Rating agency must adhere to the internal policy of the international rating agency regarding trading in securities and periodically (at least once a year) confirm their compliance with the requirements of this policy.

Employees of the international rating agency "Credit-Rating" do not disclose any non-public information regarding rating decisions or possible rating actions, except to the creditor and its authorized representative.

Employees of the international rating agency "Credit-Rating" do not disclose confidential information to representatives of any other parties, as well as other employees of the international rating agency, if this is not related to the rating analysis.

Employees of the international rating agency "Credit-Rating" do not use or disclose confidential information for the purpose of trading in securities or for any other purpose, except for the performance of their official duties as an employee of the international rating agency.

Credit ratings

Credit rating is financial indicator a person who reflects the current quality of your credit history and the likelihood of delinquency in the future, that is, an indicator of your reliability as a potential lender based on your credit history data or complete information about all your loans in the form of an extract. The credit rating can influence: 1. The decision to defer payment in the trade and service network; 2.for employment in financial institution or bank; 3. to receive benefits when applying for a loan; and 4. The creditor's reputation. Note that the credit score can change every month, sometimes even weekly, depending on the information received by the bureau and changes in the credit history.

Credit ratings are relative, so it is important to take into account the specifics of a particular country, enterprise, industry. Low credit ratings are, of course, undesirable, because they indicate a high probability of default.

Any market participant can develop their own system of credit ratings. Moreover, according to the Basel directives, it is desirable for each bank to have its own internal rating of creditors. But when it comes to the bond market, "credit rating" means a rating from one of the three agencies Standard & Poor's, Moody's and Fitch.

What is a credit history and how to check it

Credit history is information about all your loans and the discipline of their repayment, which UBKI (Ukrainian Bureau of Credit History) receives from banks, insurance and leasing companies, credit unions and other financial institutions.

If you applied to the bank for a new loan or an increase in the limit on a credit card and were refused, first of all check your credit history. Lenders with a positive credit history can count on the benefits of a new loan!

However, in the conditions of the modern global type of economy, the term "credit rating" is also given to entire countries. In this case, it shows how much a given country will be able to repay debts on its obligations in the future, and how low the default option of this country is.

The question is timely - who calculates this rating, who takes on such a role of determining the capabilities of certain organizations and even entire countries?

There are several major international rating agencies that specialize in just this type of determining the solvency of enterprises and countries. The largest international rating agencies in the world are:

Moody's agency

Agency Standard & Poor's,

Fitch Ratings Agency

The Russian Federation also has major Russian international rating agencies:

Agency expert RA,

Often, more general categories are used to classify bonds: investment grade bonds and speculative grade bonds. Typically, investment grade bonds are bonds rated in one of the four highest ratings (AAA to BBB for S&P and Aaa to Baa for Moody's). In contrast, speculative bonds are bonds that are rated in one of the lower grades (BB and below for S&P and Ba and below for Moody's). Sometimes low-rated bonds are referred to as "junk bonds".

S&P debt ratings are current estimate the creditworthiness of the debtor in relation to a particular bond. This estimate may include debtors such as guarantors, insurers or tenants.

The ratings are based on current information provided by the issuer or obtained by S&P from other sources believed to be reliable. S&P does not guarantee the accuracy of the information used and may, if necessary, rely on unverified data. Ratings may be changed, suspended or withdrawn as a result of changes or invalidity of such information or in the event of any other circumstances.

1. The probability of non-payment and the readiness of the debtor both to pay current interest on time and to return the principal amount in accordance with the terms of the bond.

2. The nature and provision of the obligation.

3. A performance guarantee and the position of the bondholder among other borrowers in the event of bankruptcy, reorganization or other transformations governed by laws protecting the rights of borrowers.

Credit ratings are widely recognized in practice. Banks can inquire about a company's debt rating to decide whether to lend to that organization and at what rate of interest. Thus, margin above the LIBOR10 rate at which large firms can borrow is determined by the credit rating.

Banks may also use credit ratings to set limits on the volume of transactions with a given institution. For example, for any organization with a given credit rating, the bank

Investment Ratings and Speculative Ratings

The highest credit rating. Risk factors are insignificant and only slightly exceed the level of "risk-free" debt treasury USA. Probability of repayment of the principal debt and percent rated as extremely high.

The protection factors are not very strong, but quite effective. The probability of repayment of principal and interest is assessed as high. During economic shocks, risk factors are greater and significant.

Possibilities for repayment of principal and interest are assessed as adequate, however, the impact of adverse changes in the economic situation is recognized as significant. The protection is below average, but considered sufficient for a wise investment. The degree of risk varies greatly depending on the stage of economic development.

Below the level of a safe investment, however, repayments on principal obligations are fairly protected. Interest and principal payments may be delayed. The quality of debt service within this category can vary greatly. It is also assigned to debts that are secondary to other debts of the same issuer with a BBB- rating.

Below the safe investment level, there is a risk of failure to meet key obligations. The degree of financial protection varies greatly depending on the stages of economic development and external financial and economic conditions. There are likely to be frequent changes within the category, as well as an increase or decrease in the rating outside the category. On this moment most likely repayment of both principal and interest, but it is very likely that the unfavorable economic situation will lead to a delay in payments.

Well below investment grade. At the moment, there is a great deal of uncertainty as to whether the principal and interest payments will be paid on time, or only a favorable set of circumstances will allow the debt to be paid on time. In the event of an unfavorable combination of circumstances, the termination of payments is very likely.

Debt secondary to CCC-.

The actual delay in the payment of principal or interest.

Doubtful debt. The Issuer failed to pay the principal and/or interest on time.

At this point in time, payments of principal or interest are overdue, although the grace period has not yet ended. There is reason to believe that the debts will be paid before the end of the grace period.