On the adjustment ratios used to adjust the market value of bonds of federal subjects of the Russian Federation
Starting 10 June 2014, the adjustment ratios used to adjust the market value of bonds of federal subjects of the Russian Federation, bonds of municipalities, bonds of Russian resident entities and mortgage-backed bonds when calculating the value of collateral on Bank of Russia loans are as follows:
at the rate of 0.95:
for bonds of federal subjects of the Russian Federation and municipalities where issuers (issues) are assigned with international scale ratings of at least BBB- under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or Baa3 under the classification of Moody’s Investors Service;
for bonds of Russian resident entities where issuers (issues) are assigned with international scale ratings of at least BB under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or Ba2 under the classification of Moody’s Investors Service;
for mortgage-backed bonds where issuers (issues) are assigned with international scale ratings of at least BB under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or Ba2 under the classification of Moody’s Investors Service;
at the rate of 0.9:
for bonds of the federal subjects of the Russian Federation and municipalities where issuers (issues) are assigned with international scale ratings of at least BB- under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or Ba3 under the classification of Moody’s Investors Service and not higher than ВВ+ under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or Ва1 under the classification of Moody’s Investors Service;
at the rate of 0.85:
for bonds of Russian resident entities where issuers (issues) are assigned with international scale ratings of at least BB- under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or Ba3 under the classification of Moody’s Investors Service;
for bonds of Russian resident entities where the issuer’s liabilities are partially or fully secured with the sovereign guarantees of the Russian Federation;
for mortgage-backed bonds where the issuer’s liabilities are secured with the joint guarantee of the Open joint-stock company Agency for Housing Mortgage Lending;
at the rate of 0.8:
for bonds of Russian resident entities, federal subjects of the Russian Federation and municipalities where issuers (issues) are assigned with international scale ratings of B+ under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or B1 under the classification of Moody’s Investors Service;
at the rate of 0.75:
for bonds of Russian resident entities, federal subjects of the Russian Federation and municipalities where issuers (issues) are assigned with international scale ratings of B and В- under the classification of rating agencies Standard&Poor’s or Fitch Ratings, or B2 and B3 under the classification of Moody’s Investors Service.
Adjustment ratios determined by the Bank of Russia for individual issues of securities may differ from the abovementioned.
The reference to the Press Service is mandatory if you intend to use this material.
10.06.2014 00.00.00