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Big Three rating agencies ready to work in Russia within current legislation — ministry

March 14, 15:19 UTC+3 MOSCOW
Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch Ratings are analyzing amendments to legislation regulating Russia’s rating industry
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© AP Photo/Francisco Seco

MOSCOW, March 14. /TASS/. International rating agencies are ready to work in Russia within the current legislation, Deputy Finance Minister Alexey Moiseyev said Monday.

"The rumor goes that international rating agencies are not ready to operate in conformity with the Russian legislation. As far as I know this is not true. Agencies are ready to work within this regulation, which will enable them to further issue international scale ratings," he said.

According to Moiseyev, currently the Big Three ratings firms (Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch Ratings) are analyzing amendments to legislation regulating Russia’s rating industry, and "thinking over how to issue national ratings."

A representative of the Bank of Russia, Elena Chaikovskaya, on Monday noted that the decision of international rating agencies not to create subsidiaries in Russia is not final.

"I would not rush to conclude the Big Three will definitely refuse to set up subsidiaries in Russia," she said.

It was reported earlier Moody’s decided to withdraw national scale ratings in Russia and close its subsidiary there. Fitch also dropped its intentions to open a subsidiary in Russia.

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