On assigning long-term creditworthiness rating to invest pension savings
The Bank of Russia Board of Directors set the following ratings of long-term creditworthiness:
for the purposes of paragraph three of Clause 1.4.1 of Bank of Russia Regulation No.
for the purposes of paragraph four of Clause 1.4.1 of the Regulation, the long-term creditworthiness rating assigned to a securities issue (in absence of the issue rating, the issuer rating shall be used), excluding subordinated bonds, 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 five notches. Or, it shall not be below “A(I)” on the national scale in the classification of the rating agency Expert RA;
for the purposes of paragraph six of Clause 1.4.1 of the Regulation, the long-term creditworthiness rating assigned to a legal entity, whose surety secures the performance of all bonded obligations, 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 two of Clause 1.4.7 of the Regulation, the long-term creditworthiness rating assigned to a bond issue (in absence of the issue rating, the issuer rating shall be used), whose effective date and (or) beginning of public trading shall not precede the effective date of the Regulation, excluding credit institutions’ subordinated bonds and Russian Federation bonds, 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 five notches. Or, it shall not be below “A(I)” on the national scale in the classification of the rating agency Expert RA. Or, the long-term creditworthiness rating assigned to the surety (guarantor) of such bonds, 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 three of Clause 1.4.7 of the Regulation, the long-term creditworthiness rating assigned to credit institutions’ subordinated bond issue, 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. Or, in absence of the subordinated bond issue rating, the long-term creditworthiness rating of the issuer’s subordinated bonds, 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. Or, the long-term creditworthiness rating assigned to the surety (guarantor) of such bonds, 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 Clause 1.4.8 of the Regulation, the long-term creditworthiness rating assigned to credit institutions eligible for taking subordinated deposits shall not be below “BBB+” according to the classifications of Fitch-Ratings or Standard & Poor’s or “Baa2” according to the classification of Moody’s Investors Service
for the purposes of Clause 1.5.6 of the Regulation, the long-term creditworthiness rating assigned to bond issues (in absence of the issue rating, the issuer rating shall be used), as determined by the classification of at least one rating agency, shall be the same as the sovereign rating of the Russian Federation in respective currency, assigned by a respective rating agency and downgraded by three notches. Or, it shall correspond to “A++” on the national scale in the classification of the rating agency Expert RA;
for the purposes of Clause 1.6 of the Regulation, the long-term creditworthiness rating assigned to the issuer of securities, indicated in paragraph two of Clause 1 Article 36.15 of Federal Law No.
for the purposes of Clause 2.1.3 of the Regulation, the long-term creditworthiness rating assigned to a credit institution, 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. 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).
If a deposit consisting of servicemen pension and housing savings was placed with a credit institution prior to the effective date of the Regulation, then for the purposes of Clause 2.1.3 of the Regulation with regard to such deposit, the long-term creditworthiness rating assigned to a credit institution, 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.
In case the long-term creditworthiness rating assigned to a credit institution has been revoked and in case restrictive measures (including a ban on doing business) have been introduced against such credit institution by some foreign countries, then for the purposes of this Regulation a respective rating assigned to this credit institution as of 1 March 2014 shall be used. Or, for the purposes of Clause 2.1.3 of the Regulation, the long-term creditworthiness rating assigned to such credit institution shall not be below “A+(I)” on the national scale in the classification of the rating agency Expert RA.
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 Rating, 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. The Corporate Family Rating is used with regard to an entity only if this rating is directly assigned to such entity.
The rating with the “p” index according to the classification of Standard & Poor’s means that such rating is assigned only to obligations to repay the par value of bonds, and it is used only for bond issues with interest (coupon) calculated by a formula with variables (excluding interest rates and inflation).
For the purposes of this decision, a rating notch 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