On establishing shares of reserve funds of consumer credit cooperatives and requirements to credit rating of credit institutions and second-tier consumer credit cooperatives
For the purposes of Bank of Russia Ordinance No.
The following shares of the reserve funds of consumer credit cooperatives (hereinafter referred to as the credit cooperatives) placed by the credit cooperatives in compliance with Sub-clause 1.2 of Clause 1 of the Ordinance, depending on the credit rating assigned to the Russian credit institutions with which reserve funds of credit cooperatives may be deposited and placed on accounts:
| Share of reserve funds of credit cooperatives | Rating agency | Minimum international credit rating | Minimum national credit rating |
| more than 50% | S&P Global Ratings | Sovereign rating of the Russian Federation | ruAAA |
| Fitch Ratings | Sovereign rating of the Russian Federation | AA+(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation | — | |
| JSC Expert RA | — | А++ | |
| JSC ACRA | — | AAA (RU) | |
| from 20 % to 50 % | S&P Global Ratings | Sovereign rating of the Russian Federation decreased by three notches | ruAA- |
| Fitch Ratings | Sovereign rating of the Russian Federation decreased by three notches | A+(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation decreased by three notches | — | |
| JSC Expert RA | — | А+(I) | |
| JSC ACRA | — | BBB (RU) | |
| less than 20 % | S&P Global Ratings | Sovereign rating of the Russian Federation decreased by five notches but no lower than B | ruBBB+ |
| Fitch Ratings | Sovereign rating of the Russian Federation decreased by five notches but no lower than B | BBB(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation decreased by five notches but no lower than B3 | — | |
| JSC Expert RA | — | A (I) | |
| JSC ACRA | — | BB+ (RU) |
The following shares of reserve funds of credit cooperatives placed by the credit cooperatives in compliance with Sub-clause 1.3 of Clause 1 of the Ordinance, depending on the credit rating assigned to the second-tier credit cooperative to which reserve funds of credit cooperatives can be lent:
| Share of reserve funds of credit cooperatives | Rating agency | Minimum international credit rating | Minimum national credit rating |
| more than 50% | S&P Global Ratings | Sovereign rating of the Russian Federation | ruAAA |
| Fitch Ratings | Sovereign rating of the Russian Federation | AA+(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation | — | |
| JSC Expert RA | — | А++ | |
| JSC ACRA | — | AAA (RU) | |
| from 20 % to 50 % | S&P Global Ratings | Sovereign rating of the Russian Federation decreased by three notches | ruAA- |
| Fitch Ratings | Sovereign rating of the Russian Federation decreased by three notches | A+(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation decreased by three notches | — | |
| JSC Expert RA | — | А+ (I) | |
| JSC ACRA | — | BBB (RU) | |
| less than 20 % | S&P Global Ratings | Sovereign rating of the Russian Federation decreased by five notches but no lower than B | ruBBB+ |
| Fitch Ratings | Sovereign rating of the Russian Federation decreased by five notches but no lower than B | BBB(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation decreased by five notches but no lower than B3 | — | |
| JSC Expert RA | — | A (I) | |
| JSC ACRA | — | BB+ (RU) |
The following shares of reserve funds received from members of second-tier credit cooperatives and placed by the second-tier credit cooperatives in compliance with Sub-clause 2.2 of Clause 2 of the Ordinance, depending on the credit ratings assigned to Russian credit institutions with which reserve funds of second-tier credit cooperatives received from its members may be deposited and placed on accounts:
| Share of reserve funds received from members of second-tier credit cooperatives | Rating agency | Minimum international credit rating | Minimum national credit rating |
| more than 50% | S&P Global Ratings | Sovereign rating of the Russian Federation | ruAAA |
| Fitch Ratings | Sovereign rating of the Russian Federation | AA+(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation | — | |
| JSC Expert RA | — | А++ | |
| JSC ACRA | — | AAA (RU) | |
| from 20 % to 50 % | S&P Global Ratings | Sovereign rating of the Russian Federation decreased by three notches | ruAA- |
| Fitch Ratings | Sovereign rating of the Russian Federation decreased by three notches | A+(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation decreased by three notches | — | |
| JSC Expert RA | — | А+ | |
| JSC ACRA | — | BBB (RU) | |
| less than 20 % | S&P Global Ratings | Sovereign rating of the Russian Federation decreased by five notches but no lower than B | ruBBB+ |
| Fitch Ratings | Sovereign rating of the Russian Federation decreased by five notches but no lower than B | BBB(rus) | |
| Moody`s Investors Service | Sovereign rating of the Russian Federation decreased by five notches but no lower than B3 | — | |
| JSC Expert RA | — | A (I) | |
| JSC ACRA | — | BB+ (RU) |
For the purpose of this decision a rating notch means its gradation expressed through figures, letters and symbols (‘+’, ‘-’, ‘A’, ‘В’, ‘С’, 1, 2, 3, I, II, III).
In compliance with paragraph 2 of Clause 5 of the Ordinance, paragraph 3 hereof shall be applicable from 23 January 2018.
Section IV of Minutes No. 14 of the meeting of the Bank of Russia Board of Directors of 26 May 2016 shall be deemed invalid (information notice of 31 May 2016 published on the Bank of Russia website ‘On establishing shares of reserve fund of consumer credit cooperatives and requirements to credit rating of credit institutions and second-tier consumer credit cooperatives’).
This decision is to become effective since it is published on the Bank of Russia website.
The reference to the Press Service is mandatory if you intend to use this material.
25.01.2017 00.00.00