Current ratings

Agency Rating definition under global scale Outlook Release
Moody’s  Ba2 Stable –
Standard & Poor’s BB- Stable  –
Fitch Ratings   BB+ Stable  Fitch Ratings.pdf (41 Kb)pdf
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Management quality rating – is an estimation of a loss risk of the company’s owners, tied with the quality of management by a company and the owners’ rights observance.logo.png





Current assigned rating

AgencyRating valueAssignment dateRating Confirmation
Expert RAA++.gqBest corporate governance practice13.01.2016Report on the assignment of the governance quality rating pdf
Expert RAA++.gqBest corporate governance practice03.02.2015Report on the assignment of the governance quality rating pdf
Expert RA8Best corporate governance practice20.01.2014Report on the assignment of the governance quality rating pdf
Expert RA7+medium14.12.2012Report on the assignment of the governance quality rating pdf

Current assigned rating

Rating scale

Rating scale has 10 rating classes.

If the indicators of the company’s management quality are higher than medium for a respective class, then sign “+” is added to its’ rating class

The best corporate governance practice.

MQR 10. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance and to the full extent follows the recommendations of the Russian corporate conduct Code, as well observes the international best practice’s provisions of the corporate governance. Loss risk of the owners, tied with the quality of management, are near-zero.

Advanced corporate governance practice.

MQR 9. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance and to the full extent follows the recommendations of the Russian corporate conduct Code, as well observes a significant number of the additional provisions of the international advanced practice of the corporate governance. Loss risks of the owners, tied with the management quality, are minimal.

MQR 8. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance, follows the most part of the recommendations of the Russian corporate conduct Code and separate recommendations of the international advanced practice of the corporate governance. Loss risks of the owners, tied with the management quality, are insignificant.

Developed practice of the corporate governance.

MQR 7. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance, follows the most part of the recommendations of the Russian corporate conduct Code and separate recommendations of the international advanced practice of the corporate governance. The Company is characterized by low risks of the owners losses, tied with the management quality.

MQR 6. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance, follows the most part of the recommendations of the Russian corporate conduct Code and separate recommendations of the international advanced practice of the corporate governance. The Company is characterized by acceptable risks of the owners losses, tied with the management quality

Medium practice of the corporate governance.

MQR 5. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance, however the initiatives as to the basic recommendations introduction of the Russian corporate conduct Code are of an insignificant nature. The Company is characterized by medium risks of the owners losses, tied with the management quality.

MQR 4. The Company observes the Russian legislation’s requirements in the sphere of the corporate governance, however the initiatives as to the basic recommendations introduction of the Russian corporate conduct Code are of an insignificant nature. The Company is characterized by rather high risks of the owners losses, tied with the management quality.

Low practice of the corporate governance.

MQR 3. The Company allows a non-observance of certain norms of the Russian legislation in the sphere of the corporate governance, the current practice of the company’s corporate governance doesn’t conform to the majority of recommendations of the Russian corporate conduct Code. The Company is characterized by high risks of the owners losses, tied with the management quality.

MQR 2. The Company allows a non-observance of certain norms of the Russian legislation in the sphere of the corporate governance, the current practice of the company’s corporate governance doesn’t conform to the majority of recommendations of the Russian corporate conduct Code. The Company is characterized by rather high risks of the owners losses, tied with the management quality.

MQR 1. The Company allows a non-observance of certain norms of the Russian legislation in the sphere of the corporate governance, the current practice of the company’s corporate governance doesn’t conform to the majority of recommendations of the Russian corporate conduct Code. The Company is characterized by extremely high risks of the owners losses, tied with the management quality.

For more information on the rating of the management quality one can visit the website of Rating Agency “Expert at the address: http://raexpert.ru/ratings/corporate/.