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From ZH:
“On the
heels of last week's downgrades by Fitch and Moody's to just above
junk status, The Central Bank of Russia (CBR) has issued a statement
that it will no longer use credit ratings from Standard & Poor’s,
Fitch, or Moody’s that were assigned after March 1, 2014. All
credit ratings will now be at the discretion of the Board of
Directors of the Bank as regulators assess whether or not the ratings
made after March are accurate. Sounds like Spain, Greece, and USA's
previous derision over ratings agencies proclamations is heading
east.”
(http://www.zerohedge.com/news/2015-01-19/russian-central-bank-bans-western-ratings-agencies#comment-5680169)
Full CBR
statement:
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On
dates of credit ratings’ use for the purpose of Bank of Russia
regulations
In
line with scope of authority established by Bank of Russia
Ordinance No. 3453-U, dated 25 November 2014, ‘On the Specifics
of Credit Ratings’ Use -to Implement Bank of Russia
Regulations’, the Bank of Russia Board of Directors determined
the dates when credit ratings shall be assigned to implement Bank
of Russia regulations.
Under
this Ordinance, should any Bank of Russia regulation contain
information on credit rating assigned by Standard&Poor’s or
Fitch Ratings or Moody’s Investors Service to credit
institutions or other Russian legal entities, constituent
territories, municipal entities, their issued securities or other
financial instruments, the date when the mentioned rating is
assigned (hereinafter, the rating date) may be determined by the
decision of the Bank of Russia Board of Directors in the
corresponding regulation.
According to Bank of Russia Board
of Directors’ decision, the rating date for credit institutions
and their issued financial instruments, including securities, to
implement Bank of Russia regulations, shall be 1 March 2014; as
for other entities, listed in the Ordinance, and their issued
securities, this rating date shall be 1 December 2014.
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Previously:
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