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Regional Rating Scale

Long-term credit ratings (over one year)

Investment grade

cisAAA

An obligor or a debt liability with cisAAA credit rating is characterized with the HIGHEST creditworthiness as compared to other CIS obligors or debt liabilities.

cisAA

An obligor or a debt liability with cisAA credit rating is characterized with the VERY STRONG creditworthiness as compared to other CIS obligors or debt liabilities.

cisA

An obligor or a debt liability with cisA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other CIS obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.

cisBBB

An obligor or a debt liability with cisBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other CIS obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions.

Speculative grade

cisBB

An obligor or a debt liability with cisBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other CIS obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions.

cisB

An obligor or a debt liability with cisB credit rating is characterized with the LOW creditworthiness as compared to other CIS obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.

cisCCС

An obligor or a debt liability with cisCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other CIS obligors or debt liabilities. There is a default possibility.

cisCC

An obligor or a debt liability with cisCC credit rating is characterised with the VERY HIGH DEFAULT POSSIBILITY.

cisC

An obligor is EXPECTED TO DEFAULT on its debt liabilities.

cisSD

DEFAULT on certain debt obligations of the issuer. Payments on other issuer’s debt obligations are expected to continue.

cisD

DEFAULT. The payment of principal and interest on a debt liability has stopped, without any agreement reached with creditors on the restructuring of the debt before payment became due.


‘cis’ denotes ratings assigned by the regional rating scale of CIS countries

‘Credit-Rating’ doesn’t apply ‘+’ and ‘-’ to the following rating categories: cisAAA, cisC, cisSD, cisD.