World Economy

Russia Rating Agency Ready

Russia Rating Agency ReadyRussia Rating Agency Ready

The Russian rating agency is expected to start work in the fourth quarter of 2015, the Central Bank of Russia said, adding that its initial capital would be at about $52 million (3 billion rubles), RT reported. “… credit rating agencies are one of the most important elements of the financial market infrastructure. Their activities must be stable to various factors, including geopolitical risks,” the CBR said in a statement. “Russian market needs a strong credit rating agency with a high level of corporate governance and professional competence,” the statement said. It added that the new agency will have to meet the interests of the economy and have a good reputation for both Russian and foreign investors. The agency will be headed by Ekaterina Trofimova, the vice president of major Russian state-owned bank Gazprombank. The lender says Trofimova will stay with Gazprombank despite her new appointment. The agency plans to become self-funding in the next 3-5 years and enter foreign markets in the future, according to Trofimova. A pool of investors has developed and applications will be accepted from next week.