Credit rating agencies
The core activity of credit rating agencies is to prepare, assign, confirm, revise, and withdraw credit ratings and rating outlooks.
Credit rating agencies analyse information based on their own methodologies. Data on assigned credit ratings and rating outlooks must be publicly available.
The Bank of Russia has included four credit rating agencies in its Register of Credit Rating Agencies:
- Joint-stock company Rating agency Expert RA (JSC Expert RA);
- Analytical Credit Rating Agency (Joint Stock Company) (ACRA (JSC);
- National Rating Agency (NRA); and
- National Credit Ratings (NCR).
From 1 January 2022, credit rating agencies, alongside audit firms, credit history bureaus and actuaries, are classified as organisations rendering professional services in the financial market.
Around 100 regulations of the Russian Federation and the Bank of Russia provide for the use of credit ratings.
Market participants may have several credit ratings assigned to them by different credit rating agencies. The mapping of rating scales makes it possible to compare organisations and companies rated by different credit rating agencies.
In 2025, the regulator established the criteria that foreign credit rating agencies must meet for the Bank of Russia to use their ratings in its regulations and other documents.
The Bank of Russia may apply the ratings of eligible foreign credit rating agencies only with regard to foreign subjects of credit ratings in accordance with the international scale.
For any issues regarding the recognition procedure, please contact us at priznanie_KRA@cbr.ru.
What is a credit rating?
A credit rating is an opinion of a credit rating agency on a rated entity’s ability to fulfil its financial obligations (creditworthiness, financial reliability, financial stability) and/or credit risk related to its individual financial obligations or financial instruments.
A rating is an independent risk assessment that can be used by potential investors to make decisions on investing in assets. Ratings are also important for rated entities as the assignment and disclosure of a credit rating as an independent assessment of investment risk are aimed at attracting investors.
Credit ratings are used in various areas of regulation. Credit ratings assigned by Russian credit rating agencies to issues/issuers (guarantors) are used, among other things:
- When bonds are included in Level 1 and Level 2 quotation lists in accordance with the listing rules of Moscow Exchange.
- In the regulation of insurers.
- In banking regulation: banks use credit ratings to assess risks related to their cooperation with counterparties and borrowers and make provisions accordingly.
Furthermore, claims on legal entities (debt instruments and loans) with a given credit rating are weighed taking into account the risk level acceptable to banks, allowing them to make capital savings.
- When non-governmental pension funds invest their equity as well as pension savings and pension reserves.