Rating services market: Bank of Russia’s review
Russian credit rating agencies (CRAs) assigned over 1,700 ratings to 757 companies as of the end of 2022. A company needs a credit rating to confirm its ability to fulfil the financial obligations undertaken. The Bank of Russia publishes the results of the development of the rating services market.
Currently, there are four CRAs in Russia. Their core activity is to prepare, assign, confirm, revise, withdraw credit ratings and make forecasts for them. According to the review, the highest level of demand for credit ratings was recorded among non‑financial organisations (39%), credit institutions (30%) and insurance companies (9%). Highly creditworthy companies account for 75% of the credit ratings assigned according to the national scale — from ‘BBB-’ to ‘AAA’.
Along with their core activity, rating agencies also provide additional services: they prepare forecasts of the market situation, develop ESG assessment methodologies, carry out assessments of companies’ risk management approaches, analyse economic trends and pricing, etc.
The Bank of Russia creates conditions for ensuring the appropriate quality of the services rendered by CRAs and for increasing users’ confidence in them.
More details are available in the Review of the Russian Rating Services Market.