Corporate

List of rating classes

Credit rating assigned by Rating-Agentur Expert RA GmbH is defined on the basis of allocating the company to one of ten rating classes (for both types of ratings – stand alone credit rating and credit rating) (international scale).

AAA - Highest level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its financial liabilities, both current and contingent, with exceptionally high probability. In the mid-run there is a significant probability that the liabilities will be fulfilled even in case of significant unfavorable changes in the macroeconomic and market indicators.

AA - Very high level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its financial liabilities, both current and contingent, with very high probability. In the mid-run there is a significant probability that the liabilities will be fulfilled if the macroeconomic and market indicators remain stable.

A - High level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its financial liabilities, both current and contingent, with high probability. In the mid-run the probability of fulfilling the liabilities requiring significant payments depends greatly on the stability of the macroeconomic and market indicators.

ВBB -  Moderately high level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its current financial liabilities, as well as small- and medium-sized contingent liabilities with high probability. Probability of financial difficulties in case of incurred contingent liabilities requiring significant lump-sum payments is considered as moderately low. In the mid-run the probability of fulfilling the liabilities depends on the stability of the macroeconomic and market indicators.

ВB -  Sufficient level of creditworthiness

In the short-run the company will ensure timely fulfillment of all its current financial liabilities, as well as small- and medium-sized contingent liabilities with high probability. Probability of financial difficulties in case of incurred contingent liabilities requiring significant lump-sum payments is considered as moderate. In the mid-run the probability of fulfilling the liabilities depends on the stability of the macroeconomic and market indicators.

В -  Moderately low level of creditworthiness

In the short-run the company will ensure timely fulfillment of almost all of its current financial liabilities with high probability. Probability of not fulfilling incurred contingent liabilities requiring large payments is moderately high. In the mid-run the probability of fulfilling the liabilities depends on the stability of the macroeconomic and market indicators.

СCC -  Low level of creditworthiness

In the short-run the probability of not fulfilling occurring financial liabilities of the company is high.

СC -  Very low level of creditworthiness (close to default)

In the short-run the probability of not fulfilling financial liabilities of the company is very high.

С -  Lowest level of creditworthiness (partial default)

The company is not ensuring timely fulfillment of part of its financial liabilities.

D - Default (Bankruptcy)

The company is not ensuring fulfillment of all its financial liabilities / the company is going through the bankruptcy procedure.

One of the above rating levels that can be assigned to the company (excluding AAA and ratings below CCC) may be supplemented with (+) or (-) sign depending on the value of the rating score).