National Credit Ratings

(NCR) is a Russian credit rating agency established on February 11, 2019 in Moscow. The rating agency is a wholly-owned subsidiary of RBC Holding. The official web site of NCR is available at https://ratings.ru/.

NCR was accredited by the Central Bank of the Russian Federation in September 2019, following which the agency started assigning credit ratings as early as in December of the same year.

Currently, NCR may assign ratings in accordance with the national rating scale for the Russian Federation and in accordance with the international scale as well.

The national scale enables comparing of domestic ratings assigned by the agency. The subjects of comparison are mostly represented by the entities which do their business in Russia. The national scale ratings are marked with the postfix “ru” (e.g., AAA.ru, B+ru, etc.). The agency developed methods for assignment of credit ratings in accordance with the national scale for the following types of issuers:

1) credit organizations

2) insurance companies

3) leasing companies

4) non-financial organizations

5) holding companies

6) regional and municipal authorities

7) governmental institutions

Moreover, NCR developed methodology of credit ratings assignment to debt obligations in accordance with the national scale and methods for establishment of financial instruments conformance to the financing criteria of green projects.

National Credit Ratings assigns ratings to banks (e.g., Sovcombank, Otkritie Bank, AK BARS Bank), non-financial companies (e.g., Transneft, Samolet Group of Companies, PIK Group), insurers (RESO Garantia, AK BARS INSURANCE, Uralsib Insurance, etc.), and leasing companies (Brunswick Rail and VTB Leasing).

The international scale is applied for international comparison of ratings assigned by NCR. Ratings assigned in accordance with this scale do not have the postfix “ru” (e.g., АА, BBB, С).

NCR uses the following types of outlook for credit ratings:



In addition to assignment of credit ratings, the rating agency also published various kinds of analytical reviews dedicated to macroeconomics, finance, insurance, corporate sector, and regional economy.