Credit-Rating confirms the rating of Odesa at uaАА-

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Сoncepts and terms

Affirmation of a credit rating

the effect of revision of a credit rating, when the rating assigned earlier remains unchanged.

Assignment of a credit rating

a service furnished by a credit rating agency which is formalized in a resolution of the rating committee, which result is evaluation of creditworthiness of an entity in general by the  national rating scale or entity’s capacity to pay principal and/or interest on its obligations.

Bank deposit rating

an independent opinion of a credit rating agency on a bank’s capacity to timely and in full meet its commitments on deposit obligations.

Change of a credit rating

a result of revision of a credit rating, by which the rating assigned previously, is either upgraded or downgraded.

Corporate governance

a system of relations between investors – the company’s owners, its managers and other interested parties, which is aimed at balance in influences and interests of participants in corporate relations and at securing company’s efficient performance.

Country ceiling

an indicator which exhibits risks of transferability and convertibility of foreign currency in the given country. The country ceiling is the highest extreme, which limits individual credit ratings of non-sovereign issuers (companies, banks etc.) in national and foreign currencies. The country ceiling is used by international rating agencies when assigning credit ratings by international scale. By the methodologies of the leading global credit rating agencies, an individual rating of a non-sovereign issuer may be higher than that assigned to the country. However, neither the individual counterparty rating nor the rating of its debt instrument or the country’s sovereign rating cannot pierce their country ceiling.

Credit rating

a relative evaluation of general entity’s creditworthiness and/or its debt obligation by the national rating scale. The credit rating is accompanied by the rating outlook.


Watchlist is a list of credit ratings being monitored closely by the rating agency for specific rating factors subject to additional analysis that may cause changes of ratings within the period of 6 (six) months.

Debt obligation

an aggregate securities of a certain type (of a common face value) issued by a single economic entity; or a loan by which an economic entity carries obligations to repay principal and/or interest in due term, or to provide other proprietary rights, except the rights for managing its own activities.


Payment of interest as well as principal amount on debt obligations of the borrower has been terminated without reaching an agreement with the creditors concerning debt restructure before its maturity.

Developing outlook

indicates high probability for the rating’s change in the course of the year.

Entity rated

a company, financial institution or other economic entity.

Essential factors

the factors, which maintain or constrain the rating.

Essential information

the information, which non-disclosure or distortion may have impact on the rating’s level.

Information inquiry

a written document composed by the rating agency and sent to its customer. It contains the list of facts and of documents necessary for the rating procedure, and the terms within which these facts and documents should be submitted to the agency.

Insurer Strength Rating

An independent opinion of the rating agency on the insurance company capability of fulfillment obligations on insurance indemnities or cash surrender value refund.

International rating scale

the scale by which international rating agencies assign ratings. The ratings by this scale may be assigned to all obligors and issuers of debt securities irrespectively of their domicile. This enables investors to evaluate credit risks in global prospective and to compare creditworthiness of companies domiciled in different countries. At that, the international credit rating may generally not be higher than the sovereign credit rating of the issuer’s domicile. In countries with low sovereign rating (including Ukraine) the possibilities for employment of international rating scales for domestic financial market are limited considerably. A low Ukraine’s sovereign rating keeps all Ukrainian obligors within the speculative grade of the international scale. Generally, any of Ukrainian obligors is assigned a low international rating, which makes comparison within a country impossible.

Investment grade ratings

a range of ratings assigned to obligors (or to their debentures), which exhibit higher financial strength and are more reliable in comparison with other obligors (debentures). The investment grade encompasses the long-term credit ratings of uaAAA, uaAA, uaA, uaBBB¸ and the short-term credit ratings of uaK1, uaK2, uaK3.

Issue credit rating

an independent opinion of a credit rating agency with regard to creditworthiness of certain borrowers towards the debt obligation.

Issue of securities

an aggregate of certain type of securities (of a common face value) issued by a single issuer, and which have a uniform type of issue and international identification number, and guarantee their holders equal rights irrespectively of time of purchase or offering.


a legal entity that issued securities and carries obligations to holders of the securities.

Issuer (counterparty) credit rating

an independent opinion of a credit rating agency with regard to creditworthiness of a certain obligor (issuer).

National Rating Scale

a rating scale for assessment of creditworthiness of obligors and issuers of debt securities within a single country excluding effect of sovereign risks. The possibility for assigning the full range of ratings by the National scale provides wider differentiation of issuers and issues than by the international scale, where ratings generally concentrated at the level lower than the sovereign rating. The national credit ratings are indicated by a special suffix, which denote its country, for instance ‘ua’ for Ukraine’s national ratings.

Both national and international rating agencies may assign national scale ratings. At that the national scale ratings employ the National Rating Scale approved by the resolution of the Government of Ukraine #665 dated Apr. 26, 2007 (, with each of the international rating agencies operating in Ukraine, employing their own national rating scales. Pursuant to the resolutions of the State Commission for Securities and Stock Market #

On Dec. 27, 2007 the charts of correspondence between national Ukrainian scales of international rating operating in Ukraine and the National Rating Scale approved by the Government of Ukraine.

Negative outlook

indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.

Placement of a credit rating on Rating Watch List

a rating action performed in case the agency discovers factors, which may prompt change of the rating in upcoming 6 (six) months and which require special considerations.


outlook indicates that there is a possibility to upgrade the rating in the course of the year, on the condition that positive tendencies are maintained and that current risks are reduced.

Provisional credit rating

a credit rating assigned with consideration of occurrence/non-occurrence of events which may significantly affect the entity rated. A provisional credit rating may be affirmed or changed following the obtaining supplementary information upon occurrence/non-occurrence of the events.

Public rating report

a document, which contains considerable factors, summary and appendices that the rating report contains and that are free of confidential information on the entity rated.


a conditional sign of the position of the entity relatively to other similar entities.

Rating action

an action with regard to the entity rated and/or its certain debt obligation as follows:

  • assignment;
  • affirmation;
  • placement on Rating Watch List;
  • removal from Rating Watch List;
  • suspension;
  • withdrawal.

Rating committee

a collegiate permanent body of a rating agency, which includes agency’s experts authorized to make decisions on rating actions.

Rating of corporate governance

an independent opinion of a credit rating agency with regard to the company’s existing framework of corporate governance, its compliance with the interests of financially interested parties, primarily of its owners. The rating of corporate governance allows for differentiation companies by their quality of corporate governance and with consideration of national peculiarities. 

Rating outlook (positive, stable, negative, developing)

a comment on the prevailing trends, which affect a credit rating in terms of its possible but not mandatory change.

Rating report

a document, which contains considerable factors, summary, results of the rating research and appendices.

Rating service

assignment and revision of a credit rating by the National rating Scale basing on contractual relations between the rating agency and a customer.

Removal of a credit rating from Rating Watch List

is performed simultaneously with the rating’s change or affirming, which is executed by a resolution of the Rating Committee.

Resolution of the rating committee

a document which contains data on a credit rating, its outlook, rating action, and date of the resolution.

Revision of a credit rating

a service of a rating agency which is formalized by a resolution of the rating committee, which effect is confirming or changing the rating assigned earlier.

Scale of Bank Deposit Ratings

is developed by Credit-Rating and intended for determining relative strength of deposits in a certain bank as compared to deposits in other Ukrainian banks.

Scale of Ratings of Corporate Governance

is developed by Credit-Rating and allows for differentiating companies by quality of their corporate governance.


documents of a due form, which represent pecuniary or other proprietary rights, sets relations of an entity they were offered by, and their holders; they also stipulate fulfillment of obligations on their offering and options for transfering rights to other persons.

Sovereign rating

a credit rating assigned to obligations of a sovereign country which mirrors capacity and willingness of a sovereign issuer (government) to meet its commitments on the debt obligations in timely and full manner, i.e. to make timely payments on bond issues. This type of rating is also called evaluation of default risks of this country.

Speculative grade ratings

a range of ratings which exhibit lower, as compared with the investment grade, financial capacity of an obligor to meet its obligations. The speculative grade includes the long-term ratings of uaBB, uaB, uaCCC, uaCC, uaC and the short term ratings of uaK3, uaK4, uaK5, uaKD.

Stable outlook

indicates that there are no anticipated reasons to change the rating in the course of the year


condensed conclusions on the effects of the rating research.

Suspension of a credit rating

an action of a credit rating agency formalized in a resolution of the rating committee upon which adoption the rating becomes temporarily invalid. The suspended rating may be further revised or withdrawn.

Withdrawal of a credit rating

an action of a rating agency which is formalized by the resolution of the rating committee upon which adoption a rating becomes invalid.

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