Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
The Bank of Russia has summarized the results of a pilot project to assign non-credit ratings to ordinary shares of Russian issuers. These ratings will provide additional guidance for retail and institutional investors when making long-term portfolio decisions.
The first star ratings (on a scale of one to five) were received by issuers fromshareholder value creation programs from two credit rating agencies – National Credit Ratings AndNational Rating Agency.
A non-credit equity rating is an agency's expert opinion on the fair value of companies, taking into account the quality of corporate governance, information disclosure, and shareholder protection, as well as the investment attractiveness of their securities over a one-year horizon. Its value is determined by comparing the current and fair values of shares. Extreme values indicate either overvaluation or undervaluation of the shares by the market and can serve as a signal for investors when purchasing securities.
In 2026, the Bank of Russia plans to include in its regulation the use of such ratings in the financial market.
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