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"Big Three" rating agencies not certain on Russia subsidiaries — Bank of Russia

January 28, 2016, 14:47 UTC+3 NOVOSIBIRSK

Fitch, Moody's and Standard&Poor's continue negotiations with the Russian Central Bank

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© AP Photo/Francisco Seco

NOVOSIBIRSK, January 28. /TASS/. The "Big Three" rating agencies (Fitch, Moody's and Standard&Poor's) have not decided yet whether to create subsidiaries in Russia. They continue negotiations with the Central Bank, First Deputy Chairman of the Bank of Russia Sergei Shvetsov said on Thursday.

"We are in an ongoing contact with the "Big Three." Intensive negotiations with them are underway. They have not yet decided," Shvetsov said.

The question is establishment of subsidiaries, other than branches, the official said. Available infrastructure is sufficient for current operations of rating agencies in Russia. Subsidiaries will be needed nevertheless to assign ratings using the national rating scale the regulator can approve, Shvetsov added.

"I do not think there will be any reduction of business [of rating agencies - TASS] in Russia. This is a competitive environment. A rating agency cannot afford loss of a market share," Shvetsov said earlier.

In summer 2015 Russian President Vladimir Putin signed the law on operations of rating agencies in Russia, which stipulates in particular establishment of a national rating scale and will promote de-politicization of this business.

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