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Russian Railways CEO doubts issuers’ participation in national rating agency reasonable

July 28, 2015, 15:00 UTC+3 YAROSLAVL
The company welcomes the idea of creating a rating agency in Russia
1 pages in this article
Vladimir Yakunin

Vladimir Yakunin

© TASS/Artiom Korolev

YAROSLAVL, July 28. /TASS/. President of Russian Railways monopoly Vladimir Yakunin doubts participation of issuers in the national rating agency, which is being created now in Russia, is reasonable.

"The issue is that rating agencies work not for companies but for investors. From this viewpoint investing into a rating agency by a company, which the former should control for the benefit of banks, for example, raises certain concern," Yakunin said on Tuesday when answering the question whether Russian Railways is ready to invest in creation of such an agency.

He added though that generally the company welcomes the idea of creating a rating agency in Russia. "We view it as one of the elements of creating a self-sustained financial system," he said.

The national rating agency may start operations already in the fourth quarter of 2015. Its 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.

The necessary pool of investors has almost been formed as VTB, Gazprombank, Rosgosstrakh, Alfa-Bank, B&N Bank have confirmed their participation in the project.

On Monday First Vice President of Gazprombank and the head of the project on creation of the agency Ekaterina Trofimova said foreign experts may join the board of directors of Russia’s new national rating agency. "We’ll be trying to attract the best experts that exist on the market," she said when answering the question whether any international experts will be involved in creation of the national rating agency. "There is some certain understanding regarding several colleagues. There are even some certain candidates to the board of directors," she said. Earlier Trofimova said the new rating agency may pay off within 3-5 years. She added that "a classical model" of the rating agency will be applied, meaning revenues generation will be at the expense of fees collected from the agency’s clients.

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