Fitch Ratings confirmed the highest possible rating of Yamal on the national scale

The agency “Fitch Ratings” confirmed the rating of Yamal-Nenets Autonomous Okrug on the national scale on the level maximum possible for the Russian Federation “AAA(rus)”.

The rating reflects the low debt of the region and good budgetary indexes. Simultaneously, the confirmed rating was withdrawn because of introduction of the new system of regulation of credit ratings in the Russian Federation, according to which in 2017 “Fitch Ratings” will lose the right to assign ratings on the Russian national scale. Analogous actions are spread to all the regions of the Russian Federation being rated by “Fitch Ratings”. However, “Fitch Ratings” continues to rate Yamal-Nenets Autonomous Okrug and other regions of Russia and companies on the international scale. Yamal-Nenets Autonomous Okrug has the rating maximum possible for a region of the Russian Federation on the international scale – “BBB-”. According to the novelties in the Russian legislation, in order ratings on the national scale would be considered in regulatory purposes by the Central Bank and the Ministry for finances, the international agencies of the “big three” (Standard&Poor’s, Fitch Ratings and Moody’s) need to create affiliated companies in Russia. According to experts, the “big three” does not plan to open affiliated companies in Russia, and will fulfill its activities through their branches, what will allow them to assign ratings to Russian issuers only on the international scale.