As it turns out, to get into the registry of credit rating agencies under the Bank of Russia does not mean to maintain its credit rating business in its current form. After completion of the process of accreditation agencies (for Russian players — January 13, foreign — July 13, 2017. —) The Central Bank may conduct additional selection among national credit rating agencies, said the Director of Department of development of financial markets, the Central Bank Elena Tchaikovskaya.
This decision for many in the industry was an unpleasant surprise. It was assumed that accreditation in the Bank selection process will end. However, the regulator believes differently. “There is a fundamental difference between the formal requirements for inclusion of the Agency in the register of accredited companies, and using its methodology in the regulation of the Central Bank. The law does not oblige us to use the ratings of an Agency,” — said Elena Chaikovskaya. According to her, the decision on the re-selection of rating agencies will be taken by the Board of Directors of the Central Bank. A specific date for the second phase of selection of rating agencies is not yet determined. Formally, the Central Bank can set any requirements for this selection.
In Russia works of the Russian five (“Expert RA”, NRA, “Rus-Rating”, AK&M and the newly created group of major shareholders, with the support of the Central Bank of an ACRE) and three foreign credit rating agencies: Standard & Poor’s, Fitch Ratings, Moody’s. Financial data for ACRES not disclosed because of its yet short existence. From the data of base SPARK that in 2015, the highest revenue was from “Expert RA” — it amounted to 156,3 million rubles (in 2014 — 146,4 million rbl.). Revenue Agency, NRA in 2015 amounted to RUB 34 million, compared with 2014, the Agency has increased it more than double, from 15.7 million RUB Revenue Agency “Rus-Rating” in 2015 reached 64.8 million rubles., in 2014, 34.8 million RUB Data of AK&M SPARK for these periods no. The data of foreign agencies in Russia were not disclosed.
The requirements of the Central Bank for accreditation concern the most significant for agencies in the regulatory part of the business of credit rating agencies. It is the granting to participants finrynka ratings adopted by the Bank for regulatory purposes — for example, when investing the pension savings funds in certain securities, the calculation of own funds of management companies, investment funds, insurers, placement of state funds or banks receive refinancing in the Central Bank.
The second important component of the results of the ratings for market purposes: borrowing in the debt market. But here the leading role is played by the big three international rating agencies. There are still derivatives ratings: corporate governance, risk management, environmental sustainability, etc., adds the President of the National rating Agency (NRA) Victor Chetverikov. However, according to him, such services are not as profitable.
Who will suffer
As for the Russian regulatory agencies the main business, new requirements of the Central Bank mainly affected them, and the smaller the Agency, the more devastating the effect. The AKP enjoys the support of the Central Bank and aspiring to become Russia’s main competitor for international agencies in the context of sanctions, the tightening of selection, obviously, will not be affected.
For the other four Russian agencies the second filter is a much more serious test than accreditation registry in the Central Bank, which currently have coped, not all the players. Now the list of accredited CB national agencies are only ACRES and “Expert RA”. How many participants of the rating market in Russia will be held the second filter is the big question. The rating agencies themselves, who learned about the decision of the Central Bank from the correspondent , to predict is not taken. According to Victor Chetverikova, before you evaluate the results of additional screening, you should wait at least the results of the accreditation agencies.
“Too sudden changes in regulation can undermine the credibility of the institution of accreditation of rating agencies,” warns the first Deputy Director General of “Expert RA” Marina Chekurova. In Moody’s and Fitch did not comment on the plans of the Central Bank. S&P, AK&M “Rus-Rating” has not answered the questions . To receive comments of ACRE failed.
At the Central Bank many reasons for clearing the market of rating agencies. Questions on their work appeared in the crisis of 2008-2009 when a number of banks, which had technically adequate ratings for the receipt of unsecured loans, the funds of the Central Bank and have not returned: Mezhprombank (40 billion rubles), AMT-Bank (10 billion rubles), Petroff-Bank — more than 3 billion rubles.
Market transparency ratings — and this is the main purpose of clearing is impossible in the lack of transparency of their recipients. And the latter requires time. “A number of not too transparent of the facilities that provided certain Agency players of the financial market is not just the time to take and deny,” says one of the interlocutors in one of the rating agencies. As an example, he cites services ratings SPV (foreign companies of special purpose), with which banks, including large ones, can, creating the appearance of a transfer of assets to avoid additional reserves. To rectify the situation, and removing the Agency from issuing such ratings, the means to create problems in the banking market.
Therefore, to solve its tasks, the Central Bank will gradually, experts believe. This will give you the opportunity if you wish to become more transparent as the participants of the rating, and players of financial markets. For clients who are interested in grey rating scheme will have to pay a higher price for them, and eventually abandon them or find them a replacement.