Regions

The region can be classified into one of the following rating classes - long-term scale:

AAA - Highest level of creditworthiness

In the short-run the region 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 region 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 region 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 region 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 region 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 region 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 financial liabilities of the region is high.

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

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

С - Lowest level of creditworthiness (partial default)

The region is not ensuring timely fulfillment of some financial liabilities.

D - Default

The region is not ensuring the fulfillment of all its financial liabilities.

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

The region can be classified into one of the following rating classes - short-term scale:

RA1 - The maximum level of short-term creditworthiness

The entity has an exceptionally high capacity to fulfill all its short-term financial liabilities.

RA2 - High level of short-term creditworthiness

The entity has high capacity to fulfill all its short-term financial liabilities.

RA3 - Adequate level of short-term creditworthiness

The entity adequate has capacity to fulfill all its short-term financial liabilities.

RA4 - Speculative level of short-term creditworthiness

The entity currently has the capacity to meet its short-term financial liabilities; however, it can be affected by negative market and macroeconomic conditions of the operating environment.

RA5 - Highly speculative level of short-term creditworthiness

The entity currently has the capacity to meet its short-term financial liabilities; however, it is very vulnerable to the market and macroeconomic conditions of the operating environment.

С - Low level of short-term creditworthiness

The entity has low capacity to meet its short-term financial liabilities

D - Default

The entity is in default according to the Agency's definition.

The rating class "RA1" can be supplemented with the (+) to denote exceptionally strong credit capacity within this rating class.

The bonds of the region can be classified into one of the following rating classes:

AAA - Highest level of reliability

In the short-run the region will ensure timely fulfillment of all its financial liabilities within the framework of the bond issue 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 reliability

In the short-run the region will ensure timely fulfillment of all its financial liabilities, within the framework of the bond issue 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 reliability

In the short-run the region will ensure timely fulfillment of all its financial liabilities within the framework of the bond issue 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 reliability

In the short-run the region will ensure timely fulfillment of all its current financial liabilities within the framework of the bond issue, as well as small- and medium-sized contingent liabilities, with high probability. The probability of financial difficulties in case of other 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 reliability

In the short-run the region will ensure timely fulfillment of all its current financial liabilities within the framework of the bond issue, as well as small- and medium-sized contingent liabilities, with high probability. The probability of financial difficulties is considered as moderate in case of other liabilities requiring significant payments. 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 reliability

In the short-run the region will ensure timely fulfillment of almost all of its current financial liabilities within the framework of the bond issue with high probability. The probability of not fulfilling contingent liabilities 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 reliability

In the short-run the probability of not fulfilling financial liabilities of region within the framework of the bond issue is high.

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

In the short-run the probability of not fulfilling occurring financial liabilities of the region within the framework of the bond issue is very high.

С - Lowest level of reliability (partial default)

The region is not ensuring timely fulfillment of some financial liabilities within the framework of the bond issue.

D - Default

The region is not ensuring the fulfillment of almost all its financial liabilities within the framework of the bond issue.

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