Credit rating (Rating) is an activity on providing professional services in the securities market, aimed at determining the creditworthiness of the rating object that can be carried out by a rating agency.
A person acquires the right to define ratings from the date of the issuance of the Certificate on Inclusion into The State Register of Authorized Rating Agencies.
Rating methodology and rating procedure, as well as changes thereto, are approved by the authorized rating agency and sent to the Commission within 5 working days after their approval.
An Authorized Rating Agency must:
- carry out activities in accordance with the Rules approved by the Commission, rating methodology and rating procedure;
- conduct an independent rating based on the National Scale;
- carry out the updating of the assigned ratings;
- carry out activities for the rating assessment and its updating on the basis of a contract between the authorized rating agency and the rating entity (hereinafter referred to as the contract).
- keep records of concluded contracts and retain them in the agency for at least five years after the fulfillment of mutual obligations;
- submit to the Commission information in volumes, forms and within the period specified by the regulatory act of the Commission, which establishes the procedure for the submission of information by authorized rating agencies;
- within 90 calendar days after the expiration of each half of a calendar year, post on its own webpage the report for the previous half of a calendar year regarding the number of defaults under the rating levels of the National Scale, which indicates the number of issuers having an active credit rating of the agency on the date of the default, the obligations of which were defaulted in the reporting half of a calendar year, broken down by rating levels (uaAAA, uaAA, uaA, uaBBB, uaBB, uaB, uaCCC, uaCC, uaC), which included ratings of the respective issuers (or ratings of certain defaulted obligations) 6 months before the date of the default;
- within 6 calendar months from the default date of the issuer with a long-term investment rating of credit level, submit to the Commission and place on its own webpage an explanation of the reasons for such a default.