Credit ratings assigned pursuant to Bank of Russia Ordinance No. 4298-U, dated 22 February 2017

The Bank of Russia Board of Directors took the following decision:

1. For the purposes of Bank of Russia Ordinance No. 4298-U, dated 22 February 2017, ‘On the Procedure for Investing an Insurer’s Capital and the List of Assets Eligible for Investment’ (hereinafter, the Ordinance) to assign the following credit ratings:

1.1. With regard to assets in the Russian Federation:

pursuant to Clauses 5 and 6 of the Appendix to the Ordinance — the highest credit rating of ruBBB and the lowest of ruBB on the national rating scale for the Russian Federation in the classification of JSC Expert RA, or the highest credit rating of BBB(RU) and the lowest of BB(RU) on the national rating scale for the Russian Federation in the classification of ACRA JSC;

pursuant to other standards of the Ordinance — ruBB on the national rating scale for the Russian Federation in the classification of JSC Expert RA or BB(RU) on the national rating scale for the Russian Federation in the classification of ACRA JSC.

1.2. With regard to assets, excluding those specified in Subclause 1.1 of Clause 1 of this decision (foreign rated entities):

pursuant to Clauses 5 and 6 of the Appendix to the Ordinance — the highest credit rating of B+ and the lowest of B- on the S&P Global Ratings international rating scale, or the highest credit rating of B1 and the lowest of B3 on the Moody’s Investors Service international rating scale, or the highest credit rating of B+ and the lowest of B- on the Fitch Ratings international rating scale;

pursuant to other standards of the Ordinance — B- on the S&P Global Ratings international rating scale or B3 on the Moody’s Investors Service international rating scale or B- on the Fitch Ratings international rating scale.

2. For the purposes of this decision, to use the following types of credit ratings assigned by foreign credit rating agencies:

credit ratings by Fitch Ratings — Issuer Default Rating, Corporate Finance Obligations Rating, and Long-term Rating of Structured Finance, Project Finance and Public Finance Obligations;

credit ratings by S&P Global Ratings — Issuer Credit Rating, and Long-term Issue Credit Rating;

credit ratings by Moody’s Investors Service — Issuer Rating, Corporate Family Rating, Structured Finance Issuer Rating, Long-Term Corporate Obligation Rating, Structured Finance Long-Term Rating, and Bank Deposit Rating. Corporate Family Rating is used with regard to an issuer only if this rating is directly assigned to such issuer;

3. For the purposes of this decision, to use the following types of credit ratings assigned by the credit rating agency JSC Expert RA and ACRA JSC:

ratings by ACRA JSC — credit ratings assigned on the national rating scale for the Russian Federation;

JSC Expert RA — bank credit ratings, credit ratings of regional and municipal authorities of the Russian Federation, credit ratings of non-financial companies, credit ratings of finance companies, credit ratings of holding companies, credit ratings of special purpose vehicles, credit ratings of leasing companies, credit ratings of microfinance organisations, and credit ratings of debt instruments assigned on the national rating scale for the Russian Federation.

4. This decision is to be applied from the day it is published on the Bank of Russia website.

5. From the date this decision becomes effective, to invalidate the decision taken by the Bank of Russia Board of Directors on 29 June 2017 and published on its website on 10 July 2017 on credit ratings assigned pursuant to Bank of Russia Ordinance No. 4298-U, dated 22 February 2017, as amended.

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