Fitch has decided to withdraw the ratings on the national scale in Russia

International rating Agency Fitch Ratings announced its decision to withdraw about 150 public ratings assigned to Russian companies on a national scale. To complete the recall procedure is scheduled for 31 March 2017.

Fitch notes that the decision to recall was made in connection with introduction in Russia of a new system of regulation of the industry credit ratings.

From 1 January 2017 in Russia comes into force adopted in 2015, the law prohibiting rating agencies to withdraw on the basis of decisions of foreign States or international unions the ratings assigned by the national rating scale. Fitch explained that after the entry into force of the law its ratings on the Russian national scale can no longer be used for regulatory purposes.

In the spring of 2016 about feedback ratings on a national scale of about 150 Russian issuers, including the largest banks and companies, announced, and Moody’s.

Fitch stressed that it will continue to assign to Russian companies, the ratings on the international scale.

“The Agency remains focused on providing transparent and forward-looking opinions about creditworthiness to investors in the Russian market. Fitch continues to expand its portfolio of Russian issuers of international debt, which currently consists of about 200 issuers”, — stated in the message Agency.