Company Country Rating Dynamics Outlook Date Press Release Rating on ERP*

 

*European Rating Platform established by the European Securities and Markets Authority to provide access to free, up-to-date information on credit ratings and rating outlooks

Rating-Agentur Expert RA GmbH conducts precise qualitative and quantitative research on corporate sector across the CIS region. We periodically publish reports on sector outlooks, systemic risks, regulatory environment and policy changes. Through our research we put in practice the knowledge acquired by RAEX Group, supported with our credit rating experience and passion about analytics.

Date Report Document
15.12.2016 Research Report on the Russian Corporate Sector - December 2016 Download PDF

Methodology of assigning Corporate Credit Ratings

The Methodology presented is a short public version - Version 3 (valid version) as of December 2017

Credit rating of a company represents opinion of Rating-Agentur Expert RA GmbH on the ability of the company to fulfill its financial liabilities to the full extent and in timely manner.

Rating score assigned by the Agency is tailored to the specific features of the Russian market and does not take into account the sovereign risk of Russia. Sovereign risks are considered only for companies working abroad. Sovereign risk adjustment is performed on the basis of internal sovereign ratings and degree of dependence of business of the company being rated on these risks.

Archive

Version 2 - Short public version as of March 2017

Version 1 - Short public version as of April 2015

List of rating classes

Credit rating assigned by Rating-Agentur Expert RA GmbH is defined on the basis of allocating the company to one of ten rating classes (for both types of ratings – stand alone credit rating and credit rating) (international scale).

AAA - Highest level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its financial liabilities, both current and contingent, with exceptionally high probability. In the mid-run there is a significant probability that the liabilities will be fulfilled even in case of significant unfavorable changes in the macroeconomic and market indicators.

AA - Very high level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its financial liabilities, both current and contingent, with very high probability. In the mid-run there is a significant probability that the liabilities will be fulfilled if the macroeconomic and market indicators remain stable.

A - High level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its financial liabilities, both current and contingent, with high probability. In the mid-run the probability of fulfilling the liabilities requiring significant payments depends greatly on the stability of the macroeconomic and market indicators.

ВBB -  Moderately high level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its current financial liabilities, as well as small- and medium-sized contingent liabilities with high probability. Probability of financial difficulties in case of incurred contingent liabilities requiring significant lump-sum payments is considered as moderately low. In the mid-run the probability of fulfilling the liabilities depends on the stability of the macroeconomic and market indicators.

ВB -  Sufficient level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its current financial liabilities, as well as small- and medium-sized contingent liabilities with high probability. Probability of financial difficulties in case of incurred contingent liabilities requiring significant lump-sum payments is considered as moderate. In the mid-run the probability of fulfilling the liabilities depends on the stability of the macroeconomic and market indicators.

В -  Moderately low level of creditworthiness

In the short-run the company will ensure timely fulfillment of almost all of its current financial liabilities with high probability. Probability of not fulfilling incurred contingent liabilities requiring large payments is moderately high. In the mid-run the probability of fulfilling the liabilities depends on the stability of the macroeconomic and market indicators.

СCC -  Low level of creditworthiness

In the short-run the probability of not fulfilling occurring financial liabilities of the company is high.

СC -  Very low level of creditworthiness (close to default)

In the short-run the probability of not fulfilling financial liabilities of the company is very high.

С -  Lowest level of creditworthiness (partial default)

The company is not ensuring timely fulfillment of part of its financial liabilities.

D - Default (Bankruptcy)

The company is not ensuring fulfillment of all its financial liabilities / the company is going through the bankruptcy procedure.

One of the above rating levels that can be assigned to the company (excluding AAA and ratings below CCC) may be supplemented with (+) or (-) sign depending on the value of the rating score).