The Central Bank of Russia has summarised a pilot project that assigned non-credit ratings to ordinary shares of Russian issuers and announced the first results, positioning the ratings as an additional guide for retail and institutional investors making long-term portfolio decisions. The initial ratings, presented on a one-to-five star scale, were issued by National Credit Ratings and the National Rating Agency for issuers participating in the Shareholder Value Creation Programme. The assessments reflect the agencies’ expert view of companies’ fair value, taking into account corporate governance, information disclosure, shareholder rights protection and the 12-month investment potential of corporate securities, with ratings determined by comparing current share prices with estimated fair values. The highest and lowest ratings are intended to indicate potential market overvaluation or undervaluation and may serve as a signal for investors when purchasing securities. The central bank plans to start applying these ratings in its financial market regulation in 2026.
Central Bank of Russia 2026-01-19
Central Bank of Russia announces first star-based non-credit ratings for Russian issuers’ shares and plans regulatory use in 2026
The Central Bank of Russia concluded a pilot project assigning non-credit ratings to ordinary shares of Russian issuers, with initial results indicating these ratings as a guide for investors' long-term portfolio decisions. The ratings, issued by National Credit Ratings and the National Rating Agency, assess companies' fair value based on corporate governance and investment potential, and will be integrated into financial market regulation in 2026.