MOSCOW, November 20. Investors national Analytical credit rating agencies (ACRE) 27 steel companies and banks, and a member of the Board of Directors consisted of five people. This was told by the Agency’s Director General Anatoly Chubais at the press-conference on results of the first meeting of the founders of the Agency.
ACRES created in Russia in July 2015 with the decline of the Russian sovereign, followed by corporate ratings by international rating agencies because of the sanctions, which cut off Russian companies from international capital markets.
Russian regulators hope that the creation of the ACRE will give a new impetus to the development of the Russian market and to overcome the negative attitude of the Russian assets among domestic and international investors.
“The creation of the national rating Agency is the same as the construction of Railways or wiring electricity grids. Ratings it infrastructure. Where there is life, and infrastructure demand. If there is no life, infrastructure is not enough. Here the logic is about the same,” said Trofimova.
“I think that calm, which is now observed on the financial markets is a very favorable moment for starting our business because it gives us time to build up the processes and ready to meet the resurgence of the financial markets,” she added.
According to Trofimova, who today was appointed Director General of the Agency, banks – Sberbank, VTB, Rosselkhozbank, Alfa-Bank, the insurer “Rosgosstrakh”, metallurgical company “Severstal”, as well as other large companies and banks among investors of an ACRE. The state does not participate directly in the equity of the Agency.
To eliminate the conflict of interest
The proportion of investors accounted for less than 5% and the total capital slightly exceeded 3 billion rubles. Itself Trofimov, a former Director and the head of the group ratings of financial institutions of Russia and CIS countries in the Standard & Poor’s, plans to go to work in the Agency during December.
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In addition Trofimova in the composition of the Board of Directors of an ACRE includes 4 alien: Karl Johansson, a former partner of the consulting company “Ernst & young”, Anuar Hassoun, managing Director at the rating Agency, West Africa Rating Agency, Thomas Missong, President of the European Association of credit rating agencies (EACRA) and Vincent Truglia, in the past group managing Director of sovereign risk analysis at Moody’s.
“Principles of corporate governance designed to prevent a potential conflict of interest and any interference of the founding shareholders in the operational and analytical work of the agencies,” Trofimova said, emphasizing that the methodology of forming the rankings will be public.
The General meeting also approved the constituent documents and named auditor of ACRE, which became KPMG. Trofimova also said that under the new law on rating agencies ACRA will apply for registration in the Central Bank in mid-February 2016.
Trofimova said that the AKP, which for at least the first three years of its existence will remain non-public company, to assign to the first ratings in the second or third quarter of next year, but so far plans for the first stage of its existence to concentrate on work in the Russian market.
“At the initial stage of development, the exclusive focus of development will be the Russian market”, – said Trofimov on a press-conferences.
“We will continue to consider the possibility of entering the nearby markets, it is primarily the countries of the Eurasian economic Union. I wouldn’t look,” said the head of the AKP.