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VTB Bank will participate in Russia’s national rating agency establishment — press service

July 24, 2015, 18:05 UTC+3
The new national rating agency to be established in Russia may start operations already in the fourth quarter of 2015
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© TASS/Yegor Aleev

MOSCOW, July 24. /TASS/. Russian state-owned VTB Bank will take part in establishment of the national rating agency, press service of the bank told TASS on Friday.

"VTB will participate in establishment of the national rating agency," the bank said.

Creation of the Russian rating agency is critical in conditions when a portion of Russian companies cannot use services of foreign agencies because of confidential conditions of their production. "The current state of affairs makes it difficult for banks to give loans to such companies," the bank said.

Furthermore, "the project is fairly actual because of the politicized position taken by Western rating agencies, leading them to the biased assessment of Russian assets."

The new national rating agency to be established in Russia may start operations already in the fourth quarter of 2015. The agency’s capital is planned at 3 bln rubles ($51.5 mln) with equal distribution of shares between investors amounting to up to 5%. Preliminary subscription to shares will be held by the end of August 2015. Banks, insurance and asset management companies as well as issuers, may become investors.

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