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Fitch withdraws national scale ratings in Russia

December 23, 2016, 12:07 UTC+3 MOSCOW
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© AP Photo/Alexander Zemlianichenko

MOSCOW, December 23. /TASS/. Fitch Ratings made a decision to withdraw national scale ratings in Russia, the international rating agency said on Friday.

The decision was made after the introduction of a new regulatory framework of the credit ratings industry in Russia, rendering national scale ratings not useable for regulatory purposes, Fitch said.

About 150 public Russian national scale ratings will be withdrawn by March 31, 2017, the Agency said.

"Fitch will continue to issue International Scale Ratings for Russian issuers," the rating agency reported.

The international rating agency has a long-standing presence in Russia, Fitch said. It "remains committed to continuing to provide transparent and forward-looking credit opinions for investors active in the Russian market," the rating agency reported.

"Fitch continues to expand its coverage of Russian issuers of international debt, where it currently has a ratings portfolio of approximately 200 issuers," it said.

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