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Ratings and Rankings for Russia

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Last updated: June 3, 2017


Dagong Credit Rating Agency

Expert RA




Dagong Credit Rating Agency



Privately-held Dagong Credit Rating Co. was established in 1994 in Beijing, China. At present Dagong is the leading Chinese rating agency enjoying extensive support from the side of the state. The agency started granting the local and foreign currency sovereign credit ratings in 2010, and those ratings are officially recognised by the Chinese state. In June 2013 the agency launched its branch in the EU. Dagong presently provides credit ratings for more than 110 countries.

Together with providing sovereign ratings for Russia, Dagong also rates a number of Russian corporations, including Gazprom, Gazprom Neft, GazpromBank and Metalloinvest.

Dagong Credit Rating Co. web-site: http://en.dagongcredit.com/index.html

Dagong Global Credit Rating Co. web-site: http://www.dagongcrg.com/Eindex.htm

Dagong credit rating scale can be found at: http://en.dagongcredit.com/ratingSystem/contents2.html

In 2012 Dagong launched a JV in Hong Kong called Universal Credit Rating Group (UCRG) in cooperation with Rus-Rating and Eagan-Jones. The company aimed to compete with Big Three (S&P, Moody’s and Fitch), but it was reportedly unsuccessful and factually stopped operations in 2015.

Since the year 2015 Dagong has been elaborating the Russian market entry options. In order to meet new licensing regulations, it considered purchase of shares in existing Russia-based agencies for that purpose. Specifically, RusRating, Expert RA, National Rating Agency and Analytical Credit Rating Agency were considered as potential partners. However, none of them satisfied Dagong due to their corporate structures, conflicts of shareholders and other reasons.[53] On June 16, 2016 Dagong announced that the agency is going to receive own license for operations in the Russian market in 2017.[54]

Sovereign Credit Ratings of Russia by Dagong

DateRating actionNational CurrencyForeign CurrencyOutlook
11.07.2010Rating assignedAAStable
08.01.2015Rating confirmedAAStable
22.09.2016Rating confirmedAAStable

On July 11, 2010 Dagong initially assigned sovereign credit rating to Russia (A, stable outlook) in its first rating report on 50 countries.[55]

On January 8, 2015 Dagong confirmed the sovereign rating of Russia at A level with stable outlook.[56]

On June 22, 2016 Expert Online informed on confirmation of the Russian sovereign rating at A level with stable outlook (no Dagong’s press-release with confirmation is currently available).[57] It is noticeable that the as of June 2016 Dagong kept the US sovereign debt rating at the level of A- (downgraded in October 2013), while the rating of China remained at AAA.[58]

On September 22, 2016 Dagong confirmed Russia’s local and foreign currency sovereign credit ratings at A with stable outlook.[59]



Expert RA



Expert RA (established 1997) is an international group of rating agencies originated from the city of Moscow, Russia with additional local office in the city of Yekaterinburg and operating branches in Kazakhstan, Byelorussia, the EU (Germany) and Hong Kong. The companies of the group operate under RAEX brand. At present Expert RA is considered as the leading rating agency operating within Russia and CIS. There are two members of the group providing separate sovereign credit ratings: Expert RA Rating Agency and Rating-Agentur Expert RA GmbH.

Expert RA group’s web-site (in English): http://raexpert.com/

Expert RA Rating Agency

Web site: http://www.raexpert.ru

Expert RA Rating Agency with head office in Moscow, Russia, operates in accordance with the Russian regulations and is officially accredited by the Russian Central Bank and the Russian Ministry of Finance. Since 2013 the agency has been providing sovereign credit ratings and ratings of the credit climate for selected countries in both national and foreign currencies.

Note: Rating of the credit climate measures the systemic credit risk of a country in relation to other countries and reflects assessment of the level of investment repayment for both state and corporate debt. Specifically, it indicates to what extent an investor shall be concerned about possibility of non-repayment of the investment to debt instruments of country residents due to their insolvency or organizational issues (non-developed financial markets, social instability, poor law enforcement and poor protection of investors’ rights).More information on methodology can be found at: http://www.raexpert.ru/ratings/credit_climate/method/ (in Russian).

Sovereign credit ratings of Expert RA Rating Agency in national currency can be found at: http://www.raexpert.ru/ratings/sovereign_ratings/?scale_type_id=1 (in Russian).

Sovereign credit ratings of Expert RA Rating Agency in foreign currency can be found at: http://www.raexpert.ru/ratings/sovereign_ratings/?scale_type_id=2 (in Russian).

Ratings of the credit climate of Expert RA Rating Agency in national currency can be found at: http://www.raexpert.ru/ratings/credit_climate/?scale_type_id=1 (in Russian).

Ratings of the credit climate of Expert RA Rating Agency in foreign currency can be found at: http://www.raexpert.ru/ratings/credit_climate/?scale_type_id=2 (in Russian).

Summary on the ratings of Russia can be found at: http://www.raexpert.ru/database/countries/russian_federation/ (in Russian).

Sovereign Credit Ratings of Russia by Expert RA Rating Agency

DateRating actionNational CurrencyForeign Currency
14.03.2013Rating assignedA-A-
06.11.2014Rating confirmedA-A-
26.12.2014DowngradeBBB+BBB+
04.02.2016DowngradeBBB-BBB-

Source: Expert RA Rating Agency.

Ratings of the Credit Climate of Russia by Expert RA Rating Agency

DateRating actionNational CurrencyForeign Currency
14.03.2013Rating assignedBBB-BBB-
06.11.2014Rating confirmedBBB-BBB-
26.12.2014DowngradeBB+BB
04.02.2016DowngradeBBBB

Source: Expert RA Rating Agency.

Rating-Agentur Expert RA GmbH

Web-site: http://raexpert.eu/

Rating-Agentur Expert RA GmbH with the head office in Frankfurt am Main, Germany, operates in accordance with the regulations enforced by ESMA (European Securities and Markets Authority). The agency provides ratings of creditworthiness of sovereign governments (SGC) and rating scale of the country credit environment (CCE). These ratings are similar in nature to sovereign credit ratings and ratings of the credit climate being delivered by Expert RA Rating Agency.

The agency started to deliver the sovereign ratings in 2015, while the first assessment of sovereign ratings for Russia was provided on January 29, 2016.

On July 22, 2016 the agency confirmed both Sovereign Governments’ Creditworthiness and Country Credit Environment Rating of Russia at BB+.[60]

On January 20, 2017 all the agency’s ratings for Russia were upgraded to BBB-.[61]

Rating of Sovereign Governments’ Creditworthiness for Russia by Rating-Agentur Expert RA GmbH

DateRating actionNational CurrencyForeign Currency
29.01.2016Rating assignedBB+BB+
22.07.2016Rating confirmedBB+BB+
20.01.2017Rating upgradedBBB-BBB-

Country Credit Environment Rating for Russia by Rating-Agentur Expert RA GmbH

DateRating actionNational CurrencyForeign Currency
29.01.2016Rating assignedBB+BB+
22.07.2016Rating confirmedBB+BB+
20.01.2017Rating upgradedBBB-BBB-

The available sovereign ratings of Rating-Agentur Expert RA GmbH and the corresponding rating scale can be found at: http://raexpert.eu/sovereign/



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