12 Jul 2005 12:21


Moody‘s Interfax Rating Agency (‘Moody‘s Interfax) introduced today a new National Rating Scale for use in the Russian Federation. This initiative results from a comprehensive analysis of the Russian market in association with its affiliate, Moody‘s Investors Service.

The new scale provides a ranking of relative creditworthiness (including relevant external support) in Russia and will use Moody‘s globally recognized rating symbols, modified with a ‘.ru‘ marker. Moody‘s Investors Service will continue to issue global scale ratings comparable internationally, which would not carry the ‘.ru‘ marker.

Alexander Rzhanov, the General Director of Moody‘s Interfax, said that, "Investors and other users of credit ratings have found National Scale Ratings to be helpful in providing greater differentiation among credits within a country, which is particularly beneficial when ratings on a global scale (as published by Moody‘s Investors Service) reflect political and economic risks that may obscure company specific risks."

Michael Foley, Senior Managing Director of Moody‘s Investors Service added "Moody‘s Interfax‘s new rating symbols and definitions are consistent with National Scale Rating systems in other countries where Moody‘s provides such ratings. This is one further step in the continuing collaboration between Moody‘s and Moody‘s Interfax that will allow seamless assignment of both global and national scale ratings."

In July of 2004, Moody‘s Investors Service acquired a majority interest in Moody‘s Interfax Rating Agency. The implementation of the new National Scale is the result of an in-depth review of all ratings produced by both agencies, in an effort to apply consistent standards and methodologies. Moody‘s Interfax said that rating levels will be different for several rated entities as compared to ratings formerly published by that agency. Mr. Rhzanov said, "It is important to note that credit rating re-assignments do not reflect a change in the company‘s credit fundamentals. Rather, the changes are the result of the revised rating definitions and the harmonization of Moody‘s Interfax‘s rating methodologies with those used by Moody‘s Investors Service."

A full list of Moody‘s Interfax Rating Agency‘s National Scale Ratings, with the new ‘.ru‘ marker, is attached to this Press Release. Moody‘s Interfax has also published today a Rating Methodology entitled "National Scale Ratings in Russia", which provides a detailed explanation of how Moody‘s develops and implements national scale systems.

Moody‘s Investors Service is a leading provider of credit ratings, research, and risk analysis. The firm‘s ratings and analysis track over $35 trillion of debt covering approximately 170,000 corporate, government and structured finance securities, over 100,000 public finance obligations, 10,000 corporate relationships, and 100 sovereign nations. Moody‘s also publishes credit opinions, research and commentary that reach more than 2,600 institutions and 16,500 users around the globe. Moody‘s Investors Service is a subsidiary of Moody‘s Corporation , which employs approximately 2,500 employees in 19 countries and had revenue of $1.4 billion in 2004. Additional information about the company is available at www.moodys.com.

The following National Scale Ratings were released today by Moody‘s Interfax Rating Agency:

Absolut Bank A2.ru
Baltiyskiy BankA2.ru
Credit Bank of MoscowA2.ru
Evrofinance MosnarbankAa3.ru
First Czech-Russian BankA3.ru
Industrial & Trade Bank PromtorgbankBaa1.ru
Industry and Construction BankAa3.ru
Interregional Investment BankBaa1.ru
Investment Trade BankBaa1.ru
MDM BankAa2.ru
Petrocommerce BankA1.ru
Raiffeisenbank AustriaAaa.ru
Rossiysky Kapital BankBaa1.ru
Russian Bank for DevelopmentAa1.ru
Slavianski BankBaa1.ru
Vozrozhdeniye BankA3.ru
Chelyabinsk, Oblast ofAa2.ru
Chuvashia, Republic ofAa3.ru
Moscow, City ofAaa.ru
Nizhnekamsk, City and DistrictAa3.ru
Odintsovo, District ofA2.ru
Perm, Oblast ofAa1.ru
Saint-Petersburg, City ofAaa.ru
Samara, Oblast ofAa2.ru
Udmurtia, Republic ofAa2.ru
Vologda, Oblast ofAa2.ru
Omsk, Oblast ofAa3.ru
RAO UES of Russia Aa3.ru
Southern Telecommunications Company Baa3.ru