The Largest Credit Rating Agency with a 28-Year History

GRI 2-6

Our mission is to be a confidence institution that links together the businesses, the government and the society by providing expertise for decision-making.

Expert RA:

Founded in 1997
Currently Russia’s oldest and largest credit rating agency by both customer base and number of employees
Assigning credit ratings has been Expert RA’s core business for 28 years
Expert RA is not only a market leader in credit rating services but also a high-profile analytical center in Russia

Expert RA is an essential part of the financial market infrastructure

Stock Market and Lending

Being rated by Expert RA is among the official requirements imposed on banks, insurers, pension funds, and issuers. Expert RA’s ratings are used by the Bank of Russia, Ministry of Finance of the Russian Federation and Ministry of Economic Development of the Russian Federation, Moscow Exchange (MOEX), and by hundreds of corporates and government agencies in their tender and bidding processes, as well as millions of investors.

Sustainable Development

Expert RA is in the Bank of Russia’s Register of Credit Rating Agencies and is also listed as an independent verifier of green and social bonds by the International Capital Market Association (ICMA)ICMA suspended the membership of Russian participants on 1 March 2022., MOEX and VEB.RF.

Expert RA is Russia’s market leader in credit rating services

At year-end 2024, Russian credit rating agencies (CRAs) rated 884 entities, 529 of which were covered by Expert RA. According to the Bank of Russia, Expert RA accounts for more than 50% of ratings assigned in the Russian credit rating market.

Share of the total number of rated entities as at 31 December 2023, %

Share of the total number of rated entities as at 31 December 2024, %

Our Values and Advantages

Adherence to the Principle of Independence: Free from External and Internal Influences

Our Agency is completely independent in its assessments.

Expert RA makes sure that its rating activities are strictly in line with the requirements of the federal legislation and international regulatory best practices.

Preventing external influence on assigned ratings and independence of the Agency’s opinion

Regulatory Use of Ratings: Obtaining Financing

At year-end 2024, there were 77 statutory acts requiring the use of Expert RA’s credit ratings for regulatory purposes

Number of Expert RA’s ratings outstanding as at 31 December 2024


Debt instruments	489	▲117
Non-financial companiesIncluding the Republic of Belarus.	202	▲26
BanksIncluding the Republic of Belarus.	145	▲3
All-lines insurers	51	●
Leasing companies	30	▲2
Constituent entities of RF and municipalities	28	▲1
Holding companies	16	▲2
Financial companies	16	▲3
Microfinance institutionsIncluding the Republic of Kazakhstan.	15	●
Non-government pension funds	11	▼1
Project companies	3	▼2
Factoring companies	7	▲2
Depositories	2	●

Source of information: rating list of Expert RA as of 31 December 2024

Having an Expert RA’s rating is necessary to comply with regulatory requirements. In particular:

ruAAA	Allows a bank to recognise an asset taken as security as a category I security to reduce the respective loss provision (Bank of Russia’s Regulation No. 590-P)
ruAA	Allows a credit institution to raise funds out of the central securities depositary (Bank of Russia’s Ordinance No. 4377-U dated 19 May 2017)
ruA+	An eligibility criterion allowing a security issue to be entered in the Bank of Russia’s Lombard List Allows a credit institution to raise funds out of the federal budget (RF Government Resolution No. 986 dated 19 August 2017)
ruA–	Allows a bank to raise funds using pension savings placed with non-government pension funds through deposits and debt instruments (Bank of Russia’s Regulation No. 580-P) Allows a bank to raise funds out of the Federal Treasury (RF Government Resolution No. 1121 dated 24 December 2011)
ruBBB+	A condition for securities to be admitted / maintained on the MOEX Level I List (the MOEX Listing Rules) Allows pension savings placed with non-government pension funds to be invested in debt instruments of nonfinancial issuers (Bank of Russia’s Regulation No. 580-P) Allows professional securities market participants, as well as asset managers, investment companies and non-government pension funds to include assets rated ‘ruBBB+’ in their equity calculation (Bank of Russia’s Regulation No. 548-P, Bank of Russia’s Ordinance No. 4075-U)
ruBB+	Allows up to 10% of funds / reserves of non-government pension funds to be invested in debt instruments (Bank of Russia’s Regulation No. 580-P) Allows a credit institution providing a loan to a borrower with this rating to reduce the respective loss provision (Bank of Russia’s Regulation No. 590-P)
ruBB	Allows insurers’ funds and reserves to be invested in assets with this rating (Bank of Russia’s Ordinance No. 4297-U dated 22 February 2017)
ruB–	Allows a bank to issue guarantees under government procurement programmes (RF Government Resolution No. 440 dated 12 April 2018)

To see the full list of statutory documents regulating the use of ratings, click here.

Rating Methodologies

The Agency has 44 active methodologies (29 credit rating and 15 non-credit rating ones).

We have developed and are using a separate ESG rating methodology and 12 original methodologies in the area of sustainable development.

ESG Leadership: Ambassador of Sustainable Agenda in Russia

Expert RA operates in accordance with:

UN Sustainable Development Standards
ICMA’s Sustainability-Linked Bond Principles; LMA’s Sustainability-Linked Loan Principles
Russian Federation Government’s Decree No. 1587 On Endorsing the Criteria for Sustainable (Including Green) Development Projects in the Russian Federation and Requirements for Verifying Sustainable (Including Green) Development Projects in the Russian Federation dated 21 September 2021
Regulation of the Bank of Russia No. 706-P On the Standards for Issuing Securities dated 19 December 2019

Expert RA is recognised as a verifier for conducting independent assessments of sustainable financing instruments:

Moscow Exchange (MOEX)
Kazakhstan Stock Exchange (KASE)
Kyrgyz Stock Exchange (KSE)

Expert RA’s growing ESG portfolio

Indicator	2022	2023	2024
ESG ratings	12	19	27
Green bonds	12	13	13
Social bonds	11	12	15
Adaptation (transition) bonds	1	1	1
Social concepts	–	1	–
Financial instruments for sustainable development	–	–	1Independent opinion on the compliance of digital financial assets with the principles of sustainable development.
Governance Quality Rating	5	5	5