OREANDA-NEWS. The Bank of Russia Board of Directors took a decision to set the following long-term solvency ratings:

for the purposes of Paragraph 4 of Clause 2 of Ordinance No. 4028-U, dated 30 May 2016, ‘On the Procedure for Calculating Own Funds of Non-governmental Pension Funds’, registered by the Ministry of Justice of the Russian Federation on 24 June 2016, registration No. 42635 (hereinafter, the Ordinance) the long-term solvency rating of a bond issue (when there is no issue rating — issuer’s or backer’s (guarantor’s) rating) by classification of at least one rating agency (Fitch-Ratings, Standard & Poor’s, Moody’s Investors Service) shall be no lower than the sovereign credit rating of the Russian Federation assigned by a corresponding rating agency cut by three levels or be at least A++ by the national scale by Expert RA rating agency classification;

for the purposes of Paragraph 7 of Clause 2 of the Ordinance the long-term solvency rating of a borrower by classification of at least one rating agency (Fitch-Ratings, Standard & Poor’s, Moody’s Investors Service) shall be no lower than the sovereign credit rating of the Russian Federation in corresponding currency assigned by a corresponding rating agency cut by two levels;

for the purposes of Paragraph 6 of Clause 2 of the Ordinance the long-term solvency rating of credit institutions by classification of at least one rating agency (Fitch-Ratings, Standard & Poor’s, Moody’s Investors Service) shall be no lower than the sovereign credit rating of the Russian Federation in corresponding currency assigned by a corresponding rating agency cut by two levels.

For the purpose of this decision the rating scale level is understood as a gradation expressed with numbers and symbols (‘+’, ‘-’, 1, 2, 3).

This decision becomes effective the day it is posted on the Bank of Russia website.