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09.02.2010
Credit-Rating to joint the European Association of Credit Rating Agencies
Credit-Rating has announced that it intends to be a member of the European Association of Credit Rating Agencies (EACRA). The key aim of the entry is to transfer European control principles for rating agencies to Ukrainian financial market.
EACRA was established in 2009 (the headquarters is located in Paris (France)) to promote the interest of European rating agencies, to provide the increase of their shares in national markets of rating services and decrease in dependency of European financial markets on the leading international agencies (Standard & Poor’s, Moody’s и Fitch). Besides, the association intends to provide effective dialogue of European rating agencies with regulators of the EC financial markets and promote the experience exchange between the agencies.
Impetus to establishment of the EACRA was adoption of the Law #1060/2009 dated September 16, 2009 by the European Parliament. The Law stipulates direct regulatory standards concerning the use of credit ratings for regulation of financial markets and requirements to the agencies. In accordance with the Law, from December 07, 2010 the credit ratings, assigned by the agencies, which passed a special registration procedure in the European Community, can be used for the regulation purposes.
At the end of January, in Vienna (Austria), Stanislav Dubko, Credit-Rating’s CEO, participated in the EACRA working meeting together with CEOs of the rating agencies from Germany, Spain, Italy, Portugal and Slovakia, where the principles of harmonization of the rating procedure, methodologies and scales were discussed to provide universal use of the national ratings by European investors.
Stanislav Dubko, Credit-Rating’s CEO, said that “entry to EACRA enables us not only to exchange experience with European colleagues, but provides the acknowledgement and use of out rating scores by European investors that positively affects the investing climate in Ukraine”. Besides, Credit-Rating expects that future legislative control of the rating service market in Ukraine will be made in accordance with the standards, used in European Community.
Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1073 ratings, specifically to 838 Ukrainian companies, 174 financial institutions and 61 municipalities and their debts, 1 corporate governance rating, 80 bank deposit ratings and 1 insurer strength rating.
Byelorussian rating agency “Credit-rating” was established in Minsk in March 2009. Establishment of the subsidiary in Belorussia was the first step, within the scope of a global strategy, directed to transformation of the national rating agency to the regional one.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
