VTB received a rating of Analytical credit rating agencies (ACRA), however, the top management of the state Bank did not accept neither the rating nor the justification text. Therefore, VTB refused to publish it, reports TASS with reference to the source. Under the terms of the agreement, that the Issuer, not the Agency decides whether to publish the rating, said the source Agency.
In ACRE refused to comment on the rating actions. However, a source familiar with the situation confirmed the decision of VTB. “The contract for the assignment of a rating of an ACRE VTB posted on the website of public procurement, was signed in the fall of 2016. The rating Agency did their job. It seems that the Bank did not suit not only the level of rating, and text justification,” — said the source .
Earlier on Monday, January 30, it became known that VTB is considering the options out of the capital of ACRE. The representative of VTB said that the Bank has studied the proposals both accredited by the Central Bank and agencies have taken a more favourable offer and obtain the ratings by the two agencies would be economically impractical. While VTB said that the Bank is “exploring the usefulness of their participation in the founders of the AKP”.
According to the law on rating agencies, which entered into force in 2016, a regulatory order can be used, the ratings of only those agencies that received accreditation from the Central Bank. At the moment there are only two ACRES and the “Expert RA”.
This is not the first case when VTB refuses to ratings. In January 2014, the Bank terminated the contract with the rating Agency Ficth after the Agency downgraded the rating of the state Bank. After that, the entire VTB group declined from Fitch ratings, calling the Agency unprofessional, wrote “Kommersant”.