On assigning long-term creditworthiness rating to assets eligible for calculating capital of management companies of investment funds, unit investment funds and non-governmental pension funds, and applicants for management company licence

The Bank of Russia Board of Directors set the following ratings of long-term creditworthiness:

for the purposes of paragraphs two and three of Clause 2 of Bank of Russia Ordinance No. 4075-U, dated 19 July 2016, ‘On the Capital Requirements for Management Companies of Investment Funds, Unit Investment Funds, Non-governmental Pension Funds, and Applicants for Management Company Licence’, registered by the Ministry of Justice of the Russian Federation on 15 August 2016 under No. 43234 (hereinafter, the Ordinance), credit institutions’ long-term creditworthiness rating assigned by at least one of the following rating agencies Fitch-Ratings, Standard & Poor’s, Moody’s Investors Service (hereinafter, the rating agencies) shall not be below the sovereign rating of the Russian Federation in respective currency, as assigned by a respective rating agency and downgraded by two notches. Or, it shall not be below “A-(RU)” on the national scale in the classification of the Analytical Credit Rating Agency (Joint-stock Company) (ACRA JSC);

for the purposes of paragraph four of Clause 2 of the Ordinance, long-term creditworthiness rating assigned to the bond issue (in absence of the issue rating, the rating of issuer or the rating of surety (guarantor)) as determined by the classification of at least one rating agency shall not be below the sovereign rating of the Russian Federation in respective currency, assigned by a respective rating agency and downgraded by three notches. Or, it shall not be below “A++” on the national scale in the classification of the rating agency Expert RA;

for the purposes of paragraph seven of Clause 2 of the Ordinance, long-term creditworthiness rating assigned to the debtor as determined by the classification of at least one rating agency shall not be below the sovereign rating of the Russian Federation in respective currency, assigned by a respective rating agency and downgraded by two notches.

For the purposes of this decision, the following types of ratings assigned by foreign rating agencies are used:

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

ratings assigned by Standard & Poor’s — Issuer Credit Rating; Long-Term Issue Credit Rating;

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

For the purposes of this decision, a rating category means its gradation on the scale denoted by numerals and symbols (“+‘, ’-”, 1, 2, 3).

This decision becomes effective from the day it is published in the Internet.

The reference to the Press Service is mandatory if you intend to use this material.

24.10.2016 00.00.00