The Central Bank of Russia has launched a pilot initiative for “share ratings” after approving the methodologies of two credit rating agencies to assign non-credit ratings to ordinary shares. The new product is intended to assess a company’s fair value and provide investors with an additional reference point for investment decisions. The pilot involves National Credit Ratings and National Rating Agency. Their assessments will analyse issuers’ compliance with corporate legislation, including provisions protecting investors’ rights, and will assign “stars” to shares supported by detailed analytical data. Companies participating in the Shareholder Value Creation Programme will be the first issuers to receive ratings. By the end of 2025, the Central Bank of Russia plans to review the pilot experience and, if the results are positive, consider using share ratings in financial regulation.
Central Bank of Russia 2025-07-29
Central Bank of Russia launches pilot share rating initiative by approving CRA methodologies for non-credit ratings of ordinary shares
The Central Bank of Russia has initiated a pilot for "share ratings," allowing two credit rating agencies to assign non-credit ratings to ordinary shares. This initiative aims to evaluate a company's fair value and offer investors an additional reference for investment decisions. The pilot will be reviewed by the end of 2025 to determine its potential integration into financial regulation.