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The Central Bank of the Russian Federation (Bank of Russia)

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Information Notice

On setting ratings of certain assets eligible for calculating capital of professional securities market participants

The Bank of Russia Board of Directors decided as follows:

To apply Paragraph 3 of Clause 1.3 of Bank of Russia Regulation No. 548-P, dated 19 July 2016, ‘On the Procedure for Calculating the Capital of Professional Securities Market Participants and Also of Applicants for Professional Securities Market Participant’s Licence’, registered with the Ministry of Justice of the Russian Federation on 19 August 2016 under No. 43321 (hereinafter referred to as Regulation No. 548-P), to establish the following list of rating agencies (their divisions, registered in compliance with the procedure stipulated by Russian law):

S&P Global Ratings,

Fitch Ratings,

Moody’s Investors Service,

Joint-stock company Expert RA Rating Agency, (JSC ACRA);

Effective 1 October 2016, to apply Paragraph 2 of Clause 5.2, Clause 5.3 of Regulation No. 548-P, the credit rating of a warrantor or a guarantor for a financial asset, obligator in the classification of rating agencies Fitch Ratings, S&P Global Ratings, and Moody’s Investors Service should be no lower than the sovereign rating of the Russian Federation in the corresponding currency assigned by the related rating agency on the international scale decreased by three notches, or no lower than ruAА- on the national scale in the classification of S&P Global Ratings, no lower than A+(rus) in the classification of Fitch Ratings or no lower than A+ in the classification of Expert RA or no lower than АA-(RU) in the classification of ACRA with respect to credit institutions, Russian regions and municipalities;

Effective 1 April 2017, to apply paragraphs 4 and 5 of Clause 6.2 of Regulation No. 548-P credit rating of a bond issuer (issue), a warrantor or a guarantor of a bond issuer (issue) in the classification of at least one of the rating agencies Fitch-Ratings, S&P Global Ratings, Moody’s Investors Service should be no lower than the sovereign rating of the Russian Federation in the corresponding currency assigned by the related rating agency on the international scale decreased by three notches, or no lower than ruAА- on the national scale in the classification of S&P Global Ratings, no lower than A+(rus) in the classification of Fitch Ratings or no lower than A+ in the classification of Expert RA or no lower than АA-(RU) in the classification of ACRA with respect to credit institutions, Russian regions and municipalities;

Until 1 July 2017, to apply Clause 8.2 of Regulation No. 548-P credit rating of a credit institution in the classification of at least one of the rating agencies Fitch-Ratings, S&P Global Ratings, Moody’s Investors Service should be no lower than the sovereign rating of the Russian Federation in the corresponding currency assigned by the related rating agency on the international scale decreased by four notches, or no lower than ruA on the national scale in the classification of S&P Global Ratings, no lower than A-(rus) in the classification of Fitch Ratings or no lower than A in the classification of Expert RA or no lower than А+(RU) in the classification of ACRA;

Effective 1 July 2017, to apply Clause 8.2 of Regulation No. 548-P credit rating of a credit institution in the classification of at least one of the rating agencies Fitch-Ratings, S&P Global Ratings, Moody’s Investors Service should be no lower than the sovereign rating of the Russian Federation in the corresponding currency assigned by the related rating agency on the international scale decreased by three notches, or no lower than ruAА- on the national scale in the classification of S&P Global Ratings, no lower than A+(rus) in the classification of Fitch Ratings or no lower than A+ in the classification of Expert RA or no lower than АA-(RU) in the classification of ACRA;

To apply Clause 8.2 of Regulation No. 548-P on including funds of an organisation and its customers deposited with credit institutions, which carry out clearing cash settlements (settlement organisations), ratings are not applied if neither of the credit agencies indicated in Clause 1 hereof assigned any rating to such credit institutions;

To apply paragraphs 4 and 5 of Clause 11.3 of Regulation No. 548-P credit rating of a bond issuer (issue), a warrantor or a guarantor of a bond issuer (issue) in the classification of at least one of the rating agencies Fitch-Ratings, S&P Global Ratings, Moody’s Investors Service should be no lower than the sovereign rating of the Russian Federation in the corresponding currency assigned by the related rating agency on the international scale decreased by three notches, or no lower than ruAА- on the national scale in the classification of S&P Global Ratings, no lower than A+(rus) in the classification of Fitch Ratings or no lower than A+ in the classification of Expert RA or no lower than АA-(RU) in the classification of ACRA with respect to credit institutions, Russian regions, municipalities, and their financial instruments.

The following ratings by foreign rating agencies are used for the purposes hereof:

ratings by the rating agency FitchRatings — Issuer Default Rating, Corporate Finance Obligations Rating, Long-term rating of structured finance, project finance and public finance obligations,

ratings by the rating agency S&P Global Ratings — Issuer Credit Rating and Long-Term Issue Credit Rating,

ratings by the rating agency Moody’s Investors Service — Issuer Rating and Corporate Family Rating (applied to the issuer only in case the said rating is assigned to this particular issuer), Structured Finance Issuer Rating, Long-Term Corporate Obligation Rating, Structured Finance Long-Term Rating, and Bank Deposit Rating.

For the purposes of this decision, rating notch means ranking expressed by figures and symbols (‘+’, ‘-’, 1, 2, 3), as well as letter ‘a’.

This decision becomes effective the day it is published in the Internet.

20 September 2016

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