OREANDA-NEWS. March 18, 2011. On March 16, 2011 the Supreme Administrative Court of Ukraine has confirmed Credit-Rating’s status of authorized rating agency provided to the agency by the resolution #378 of the State Commission for Securities and Stock Market on Aug. 31, 2004. The full text of the court decision shall be made available and sent to the parties within 5 days.

On Oct. 12, 2007 Expert-Rating and IBI-Rating filed a suit against the State Commission for Securities and Stock Market of Ukraine to make invalid the Commission’s resolution on granting status of authorized agency on a competitive basis to Credit-Rating. Pursuant to the decision of Kyiv Administrative Court of Appeal of Apr. 29, 2009, Expert-Rating and

IBI-Rating were refused to satisfy their suit in full. The determination of the Supreme Administrative Court of Ukraine of March 16, 2011 has fully refused to satisfy the cassation appeal filed by Expert-Rating and IBI-Rating, with the decision of the Kyiv Administrative Court of Appeal upheld.

Credit-Rating should note that starting from 2007 IBI-Rating, Rurik, and Expert-Rating have been taking continuous attempts to controvert the Credit-Rating’s status. These entities do not keep themselves within ethical limits applying all means available, including publication of misleading information. Another try of their efforts have prompted a decision of the State Commission for Securities and Stock Market dated March 15, 2011 on withdrawal of the status of authorized rating agency from Credit-Rating, which was immediately appealed in a judicial procedure as that adopted with no proper reasons, flagrantly violating required procedures and in the interests of third parties.

Credit-Rating express their regret that the efforts of new players are aimed not at constructive work for developing the market of rating services but at hostile actions against the market leader. Credit-Rating reserves the right to initiate a legal action against IBI-Rating, Rurik, and Expert-Rating to protect its business reputation.