1.1. The List of Additional Services of the Analytical Credit Rating Agency (Joint-Stock Company), further referred to as the “List”, was developed in accordance with Federal Law No. 222-FZ, dated July 13, 2015, “On Activity of Credit Rating Agencies in the Russian Federation, on Amending Article 76.1 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and Recognizing Null and Void Certain Provisions of Legislative Acts of the Russian Federation” (further referred to as the “Law on rating agencies”).
2.1. ACRA — Analytical Credit Rating Agency (Joint-Stock Company).
2.2. Additional Services — additionally provided fee-based services not related to Rating Activities and pre-approved by the Bank of Russia according to the set procedure.
2.3. Conflict of Interests — a situation when personal interests (direct or indirect) of ACRA, its shareholders, Rating Analysts, other ACRA employees and persons exercising control over, or having a significant influence on ACRA, may adversely affect independence or objectiveness of ACRA (including the assignment of Credit Ratings or their outlooks) and entail other negative consequences for ACRA, its employees and (or) Rated Entities.
2.4. Credit Rating — ACRA’s opinion on the ability of a Rated Entity to meet its financial obligations (creditworthiness, financial reliability, financial stability) and/or on the credit risk of its specific financial obligations or instruments, expressed through a rating category.
2.5. Rating Activities — professional activities, performed on an ongoing basis, in aggregate consisting of the preparation, assignment, affirmation, revision, withdrawal of Credit Ratings, and Credit Rating Outlooks, based on the analysis of information in accordance with the methodology and accompanied by the distribution of information on assigned Credit Ratings and Credit Rating Outlooks in any way, that ensures access to this information by general public.
2.6. List — List of Additional Services of the Analytical Credit Rating Agency (Joint-Stock Company), this document.
2.7. Credit Rating Outlook — ACRA’s opinion on the probable change in a Credit Rating within a certain time interval (typically, from 12 to 18 months). Credit Rating Outlooks shall not be assigned to credit ratings of structured finance instruments and obligations and to credit ratings of financial liabilities.
2.8. Rated Entity — a legal or public-law entity whose ability to meet its assumed financial obligations (creditworthiness, financial reliability, and financial sustainability) is explicitly or implicitly evaluated by a Credit Rating.
2.9. Compliance and Internal Control Service (CICS) — a unit of ACRA, which is an internal control body of ACRA that performs the internal control functions in accordance with the Law on rating agencies and the regulations of the Bank of Russia.
3.1. ACRA provides Additional Services that are not related those of assigning and maintaining Credit Ratings and Credit Rating Outlooks. A mandatory condition on which ACRA may provide Additional Services is agreeing their list with the Bank of Russia according to the procedure established by the latter.
3.2. ACRA provides Additional Services only if this activity does not create a potential Conflict of Interests in the course of Rating Activities.
3.3. ACRA has drawn up the following list of Additional Services:
3.3.1. Services that include preparation, assignment, confirmation, revision and withdrawal of Asset Management Company Reliability Ratings
Asset Management Company Reliability Rating — an indicator assigned by ACRA to an asset management company in the form of a symbol or an alphabet letter that represents an opinion the Agency arrived to by the moment of relevant research completion and that reflects asset management company’s current and future ability to render high-quality services to asset management originators under a standard trust agreement. High-quality services mean trust management services, legally permitted and offered by an asset management company, and aimed at yield maximization, given a set risk level and taking into account a priority of asset management originators’ interests over their own, as well as compliance with the due diligence (circumspection) principle and the rule of a rational investor. The Asset Management Company Reliability Rating is not a Credit Rating.
3.3.2. Services that include preparation, assignment, confirmation, revision and withdrawal of “green” bonds
ACRA provides services that include preparation, verification and/or assignment, confirmation, revision and withdrawal of verification, and assignment of the following assessments:
Green bonds — for compliance with the Green Bond Principles published by the International Capital Market Association (ICMA); assessments are assigned ranging from GR5 (worst) to GR1 (best).
Green loans — for compliance with the Green Loan Principles of the Loan Market Association; assessments are assigned ranging from GR5 (worst) to GR1 (best).
Social bonds — for compliance with the Social Bond Principles published by the International Capital Market Association (ICMA); assessments are assigned ranging from SR5 (worst) to SR1 (best).
Social loans — for compliance with the Sustainability Linked Loan Principles, which regulate debt obligations that are linked to loans for financing social projects or sustainable development projects, which are regulated by the Loan Market Association (LMA); assessments are assigned ranging from SR5 (worst) to SR1 (best).
Sustainable development bonds — for compliance with the Sustainability-Linked Bond Principles, which regulate the verification of debt obligations in the area of sustainable development; assessments are assigned ranging from SDR5 (worst) to SDR1 (best).
Sustainable development loans — for compliance with the Sustainability Linked Loan Principles, which regulate debt obligations that are linked to loans for financing social projects or sustainable development projects; assessments are assigned ranging from SDR5 (worst) to SDR1 (best).
3.3.3. Service for assigning ESG assessments to companies:
An ESG assessment is the determination of a comprehensive indicator of the sustainable development of a company (sovereign/sub-sovereign) based on an analysis of its environmental and social indicators and an assessment of the quality of its management.
As part of these services, ACRA assesses the compliance of a company or its obligations with sustainable development principles in accordance with ACRA’s methodology.
The assessment of a company’s obligations for compliance with the sustainable development principles indicated in Clauses 3.3.2-3.3.3 is not a Credit Rating or components thereof.
3.3.4. Information and reference services (practical seminars)
ACRA provides information and reference services to individuals and legal entities in the form of practical seminars dedicated to credit analysis and intended mainly to provide participants with basic analytical and practical skills on credit analysis.
3.3.5. Data dissemination services
ACRA provides dissemination services in relation to data, including rating data, indexes, analytical research, and comments.
3.3.6. Research services
ACRA provides research services including macroeconomic and industry forecasts, analytical reports and economic models.
3.3.7. Access to conferences held by ACRA
ACRA provides access to conferences held at external venues.
3.3.8. Access to analytical reports
ACRA provides access to analytical reports posted on the ACRA's website.
3.3.9. Assessing the quality of infrastructure projects using the IRIIS approach (Impact and Responsible Investing for Infrastructure Sustainability).
ACRA provides expertise in assessing the quality of infrastructure projects, including as part of the implementation of quality infrastructure investment (QII) principles in the Russian Federation.
3.3.10. Developing methodologies for assessing delivery supervisors (entities that supervise physical delivery of commodities on the terms outlined in the specifications for and exchange-traded commodity).
ACRA provides services for the development of a methodology for assessing delivery supervisors.
3.3.11. Assessing and monitoring delivery supervisors (entities that supervise physical delivery of commodities on the terms outlined in the specifications for and exchange-traded commodity).
ACRA provides services for assigning assessments and regular monitoring of delivery supervisors.
4.1. This List shall come into effect upon consent by the Bank of Russia for provision of services specified in the List of Additional Services following its approval by the Board of Directors of ACRA.
4.2. Any changes or additions hereto must be made in writing, agreed with the Compliance and Internal Control Service and approved by the Board of Directors of ACRA.
4.3. This List shall be published on the website of ACRA within three calendar days after the Bank of Russia approves the List of Additional Services.
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