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87 88 90 89 credit rating agencies 4 4 4 4 4 4 4 branches and representative offices of foreign credit rating agencies — — — 0 0

issue / issuer of bonds has at least two credit ratings from different credit rating agencies2 – all credit ratings (which it has) should not be lower

on the basis of a set of features, such as financial parameters, credit ratings, level of activity in the interbank market, etc. Amendments to the

101 87 88 90 credit rating agencies 4 4 4 4 4 4 branches and representative offices of foreign credit rating agencies — — — 0 0 0

companies listed on stock exchanges, or DFAs issued by entities with high credit ratings; – Clause 3 of Bank of Russia Ordinance No. 5635-U sets a

institutions, credit history bureaus, credit rating agencies, charts of accounts for credit institutions, non-credit financial organisations, credit history bureaus, credit rating agencies and the procedure

Bank of Russia, credit institutions, non-bank financial institutions, credit history bureaus, and credit rating agencies; the chart of accounts for the accounting of the Bank

99 99 101 87 88 credit rating agencies 4 4 4 4 4 branches and representative offices of foreign credit rating agencies — — — 0 0 Management

due to absolutely natural factors. There are small issues, issuers with low credit ratings, and in this case investors may buy a very small block

FINANCIAL MARKET53 CREDIT RATING AGENCIES As of 1 January 2025, there were four Russian CRAs operating in the financial market. In 2024, credit ratings assigned