20 Feb 2024 15:31

CBR planning to launch rating repository in 2024

MOSCOW. Feb 20 (Interfax) - The Bank of Russia intends to create a public rating repository by the end of this year, which will contain information about all rating actions, first deputy head of the Central Bank Vladimir Chistyukhin said during the second Russian Financial Market Forum organized by ACRA.

"By the end of the year, we want to introduce infrastructure such as a public rating repository, in which it will be possible to see information about all ratings assigned, a description of these ratings, the motivational part given by rating agencies, and get acquainted with the whole history of what ratings were assigned to which company, if any," Chistyukhin said.

The Central Bank is also thinking about establishing the practice of having two ratings for a stock exchange listing, he said. "Perhaps, at least for the first and second quotation list. This is an important matter for us. In order that within the framework of asymmetric information, investors would have reinforcement from at least two rating agencies regarding the assessment of creditworthiness of companies," Chistyukhin explained.

In addition, the Central Bank is ready to prepare legislative changes that would authorize the practice of non-public ratings. "It seems to us that we have a stable rating industry, the methods have been worked out, the quality of decision-making is stable enough, and we are ready to consider the issue of taking the initiative to allow non-public ratings in our practice, respectively, with changes in legislation, if colleagues from the Finance Ministry and the State Duma support us," the first deputy head said.

At the same time, within the framework of these changes, the Central Bank will offer some control mechanisms. "They may consist in the fact that information about non-public rating may be sent to the regulator in order for us to monitor the practice and procedure of its assignment," Chistyukhin said.