Moscow exchange prepares listing rules setting requirements for ratings of issuers of bonds




Moscow exchange has prepared a new version of the listing Rules, which sets out the requirements for ratings of issuers and issues of bonds included in first level listing. Planned date of entry into force of the new edition of the listing Rules in July 2017, after check by Bank of Russia, is spoken in the message exchange.

1. To enable/maintain in the first level of listing of bonds of Russian issuers, Moscow exchange is planning to establish the following requirements for minimum levels of credit ratings of the Issuer (the bond issue) and/or guarantor (guarantor):

  • on the international scale in the respective currency:
    • Fitch Ratings – “BB-“
    • Moody’s Investors Service – “B1”
    • Standard and Poor’s International Services, Inc. “BB–”
  • on a national scale of the Russian Federation:
    • ACRES (JSC) OF “BBB+(EN)”
    • JSC “Expert RA” – “ruBBB+” (only for banks, for other organizations, the level specified in connection with the updating of the rating scale).

Bonds with credit ratings that do not match the above levels for 12 trading days after the date of entry of the listing Rules in force will be transferred to the second or third levels. Transitional provisions established by the listing Rules to maintain the bonds included in the first level to 7 June 2016, it is planned to cancel.

2. To enable/maintain in the first level of listing of bonds, resolution authorizing issuance of which contain a provision that in the event of the insolvency of the Issuer of the requirements for this bonded loan, and also financial sanctions for non-performance of the bonds, satisfied the claims of all other creditors, the Moscow exchange plans to establish the following requirements for minimum levels of credit ratings of the Issuer (the bond issue):

  • on the international scale in the respective currency:
    • Fitch Ratings – “BB”,
    • Moody’s Investors Service of “Ba3”,
    • Standard and Poor’s International Services, Inc. – “BB”.
  • on a national scale of the Russian Federation:
    • ACRES (JSC) “A-(EN)”.

Previously, the special requirements for the rating level above securities is not established, they are subject to the General requirements for bonds included in the first level.

“The exchange recommends that issuers and investors, of the Declaration which provide for the investing depending on the level of listing of bonds, to consider the above information when planning for the maintenance of the listing of previously placed bonds, as well as when planning new placements and review of portfolios”, – stated in the message.



Moscow exchange prepares listing rules setting requirements for ratings of issuers of bonds 15.06.2017

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