International rating agencies have discussed the withdrawal from Russia

International rating agencies can significantly reduce the business in Russia, or even scrap it. It is linked to the requirements of the European regulator and the Russian law.
Origin source
The fact that the international rating agency "Big Three", first of all S & P and Moody's, are considering withdrawal from Russia, RBC said a source close to the leadership of their representative offices in Russia. "This issue was discussed at a meeting of the Central Bank in October," - he says. The information confirms other source in one of the Russian rating agencies, attended the meeting. The third source of RBC in one of the Russian rating agency says that it is not a complete withdrawal, and a significant reduction of business in Russia. "The reason for both the requirements of Russian law, and the installation of the European regulator to delocalization", - he said.

All of the rating agencies, which operate on the territory of the European Union, there must be the parent company: as the European regulator is easier to check them. The only exception is a few countries: the US, Japan, Singapore, Hong Kong and others. Russia in this list is not included. This means that the EU does not recognize the controller registered in the Russian "daughter" of international agencies, such as Fitch and Moody's, in ahonors the rating agency and its rating - international.

Russian law requires all international agencies to establish subsidiaries in Russia, if they want to put ratings on the national scale - those used within the country, such as the placement of public funds or loans to the Central Bank.

Creation of Russian "daughter" means that a rating committee for the adoption of decisions on the ratings should be here. Now the rating committee of the "Big Three" are located in London, and branches of agencies operating in Russia. They can remain so if the plan to assign only international rankings and to refuse to work in the domestic market. These branches should be accredited with the Central Bank.

To make the decision, from foreign agencies have half a year: before mid-2017 to extend the transitional period. At this point, the agency, if they decide to work in the domestic market, will have to establish subsidiaries in Russia. Otherwise, their ratings become invalid. "Creation of the Russian" daughter "means the agency ComeXia to do everything from scratch, create a Compliance service, translated into Russian internal documents. It's a lot of work and high costs, "- said General Director of the rating agency" Expert RA "Dmitry Grishankov, adding that most of the companies and banks use ratings" Big Three "in the foreign market.

Rating in Russian

History of creation

In 2014, when the international agencies Moody's, Standard & Poor's and Fitch have begun to reduce the rating of Russia, the country began to discuss the establishment of a national rating agency. Then this idea was abandoned, but in July 2015 the central bank has returned to this project. It was decided that the number of shareholders of the agency will include state-owned banks, insurance and investment companies, pension funds and educational structures. The volume of investments is planned at the level of 3 billion rubles. The head of the agency is appointed Vice-President of Gazprombank Ekaterina Trofimova.


In September, the collection of applications for participation in the capital of the agency was closed and finalized a list of 26 investors. It was announced that the shareholders will makein capital by RUB 115.4 million. The list of founders is not disclosed, but the agency "Interfax", it became known that their number will of "Kommersant".

In November, the agency was named: Analytical Credit Rating Agency (ACRA). As expected, it will assign the first ratings in mid-2016.

It can be expected that the balance of power will become clear by the middle of next year, says Grishankov. "Taking into account the duration of the procedures in the" Big Three "companies, if up to this point none of them announced plans to work in the domestic market, the probability that they occur, almost zero," - he adds.

RBC source close to the leadership of S & P and Moody's, said that the agencies are considering the closure of branches. "Global ratings of our issuers can be issued from an office in London, believe it", - says the source, adding that such a decision may be taken if the agency deem appropriate for themselves the requirements of the Central Bank (prepared in addition to the law). "In particular, there may be a requirement to pass the Central Bank statements and informationth on the ratings, "- adds the source.

Prior to the adoption of the law of the Central Bank announced that it will not take into account the decline in ratings agencies 'big three', which they did after March 1, 2014, ie since the entry of Russian troops in the Crimea, and after December 1, 2014.

Moody's spokesman told RBC that the new law does not change the position of the agency, which is the link between issuers and international investors. "Currently we are working in Russia through a branch and appreciate this as the best form for us to maintain our position as a leading provider of credit ratings in Russia", - he says.

The official representative of S & P notes that the Agency remains ready to provide services to issuers and investors in Russia. "We are closely following all the changes in the regulation of credit rating agencies in Russia and intend to further their activities in accordance with the requirements of the regulator", - he said.

Fitch declined to comment.