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Glossary

Expert RA

Category — Credit ratings
is a Russian rating agency established in 1997 and based in Moscow. In terms of the number of clients and employees, it is currently the largest rating agency in Russia. Official web site: https://www.raexpert.ru/.

Expert RA assigns credit ratings to issuers and issues, non-credit ratings to companies and prepares analytical reviews on various fields of economy (banks, insurance sector, macroeconomics, leasing, asset management).

The following types of credit rating are assigned by Expert RA in accordance with the Russian national rating scale:

1) credit rating of bank (e.g., SMP Bank)

2) rating of leasing companies (TransFin-M)

3) rating of microfinance (MFC Lime-Zaim)

4) credit ratings of non-financial companies (e.g., Bashneft)

5) credit ratings of project company (e.g., New Concession Company)

6) rating of factor companies (Global Factoring Network Rus)

7) credit ratings of financial companies (DOM.RF)

8) credit rating of holding companies (VTB Infrastructure Investments)

9) rating of guarantee coverage reliability (Fund of development and support of small business of the Republic of Bashkortostan)

10) insurer reliability rating of life insurance Companies (BCS Life Insurance)

11) non-state pension fund’s rating (Sberbank’s Non-Governmental Pension Fund)

12) reliability rating of insurance companies (e.g., Ingosstrakh)

13) credit ratings of regions (Saratov region)

14) reliability ratings of depository (DCRegion)

15) bond loan reliability rating (ALROSA, BO-03)

16) reliability rating of securities, asset-backed (SFO MOS MSP 5, class A)

Ratings in accordance with the Russian national rating scale have the prefix “ru”, e.g., ruAAA, ruBB+, ruCCC. Ratings of structured finance have the postfix “sf”, e.g., ruA-.sf. The agency assigns expected ratings to the bond issues which are planned to be placed. These ratings are assigned using the same scale as the credit rating plus the postfix EXP, e.g., ruB-(EXP).

Additionally, Expert RA assigns ratings in accordance with national rating scales of foreign countries. Currently, the agency assigns ratings in accordance with the national scale of the Republic of Kazakhstan (e.g., Kazakhstan Temir Zholy) and ratings in accordance with the national scale for the Republic of Belarus (e.g., Eurotorg). Ratings in accordance with the national scale of Kazakhstan have the prefix “kz”, e.g., kzB-; those in the national scale of Belarus have the prefix “by”, e.g., byCC.

For international matching of ratings, Expert RA can assign ratings in accordance with the international scale. These ratings do not have the prefix “ru” (e.g., AA+, B, CC, etc.).

For the credit ratings of issuers, Expert RA provides for four types of outlook: positive (probable upgrade of the rating within one year), negative (probable downgrade of the rating within one year), stable (probable maintaining of the rating within 12 months) and developing (upgrade, downgrade or maintaining of the rating within the year are equally probable).

Expert RA assigns such types of non-credit ratings as the reliability and service quality ratings which characterize the ability of the company to perform its obligations in relation to the clients in due time and in the full scope, management quality ratings which signify how well the company’s quality management system protects the interests of its stakeholders as well as the ESG ratings which express the agency’s opinion on the degree to which the company’s resolutions contribute to maintaining the stability in the environmental, social and governance sectors.
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