NRA Applies To Russia’s Central Bank For Registration as CRA

On July 12, National Rating Agency submitted to the Central Bank of Russian Federation a set of documents needed to apply for registration as a credit rating agency (CRA) in accordance with the provisions and requirements of Federal Law No. 222-FZ “On the Credit Rating Agencies”.

This year, the Agency has made a number of important steps towards the improvement of its corporate structure and ownership. For instance, nine new investors, belonging to Russia’s largest financial companies and banks, got ownership shares of NRA LLC. Neither of them has a stake larger than 10%, in accordance with the best international practices in corporate governance.

After capital contributions made by the new members, the Agency’s equity capital increased to more than RUB 80 million, exceeding the statutory minimum.

Two-thirds of the Agency’s newly-formed Board of Directors are independent; representing the scientific research financial community and the financial market leading industry associations. Under the new corporate structure, the Rating Service, the Methodology Department and the Internal Control Service report directly to the Board, meaning that there is a so called ‘Chinese wall’ isolating the Agency’s senior management who have day-to-day responsibilities of managing the company from influencing the Rating Service’s decision making, the Methodology Department’s methodology development process or the Internal Control Service’s activities.

For reference: National Rating Agency (NRA)

Operating since 2002, NRA is one of Russia’s leading credit rating agencies. It specializes in assigning individual credit, financial reliability and financial strength ratings to entities from both the financial and non-financial sectors.

NRA plays an active role in a number of social impact projects and provides research and analytical data on a range of industry-specific subjects, such as macro-economics, banks, insurance, microfinance institutions, collective investment, stock markets, oil and gas sector, Russian regions' investment potential, retail trade, etc. Currently, NRA rates more than 400 corporate entities on an interactive basis. Over 1,000 companies and banks are involved in NRA’s other market information projects.

NRA is accredited by the Russian Federation’s Ministry of Finance. Its ratings are officially recognized by the Central Bank of the Russian Federation, Moscow Exchange, Ministry of Economic Development of the Russian Federation, Agency for Housing Mortgage Lending, National Association of Stock Market Participants (‘NAUFOR’), National Securities Association (‘NFA’), National Managers’ League (‘NLU’), Association of Russian Banks (‘ARB’) and other institutions. In 2008, NRA adopted the Code of Professional Conduct for Russian Rating Agencies, approved by the NFA’s Council. In 2014 NRA has established NRA International GmbH, an Austrian subsidiary.


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