1. General Provisions
1.1. The List of Additional Services of the Analytical Credit Rating Agency (Joint-Stock Company), hereinafter referred to as the List, has been developed in accordance with Federal Law No. 222-FZ, dated July 13, 2015, “On Activities of Credit Rating Agencies in the Russian Federation, on Amendments to Article 76.1 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and Declaring Specific Provisions of the Legislative Acts of the Russian Federation Ineffective”, hereinafter referred to as the Law on Rating Agencies.
2. Terms and Definitions
2.1. ACRA — The Analytical Credit Rating Agency (Joint-Stock Company).
2.2. Additional Services —Services that are additionally provided on a paid basis and are not related to Rating Activities.
2.3. Conflict of Interest — A situation when the interests (direct or indirect) of ACRA, its shareholders, Rating Analysts, other ACRA employees and persons exercising control over, or having a significant influence on ACRA, may adversely affect the independence or objectiveness of ACRA (including the assignment of Credit Ratings or their outlooks) and entail other negative consequences for users of credit ratings, including creditors and investors, ACRA, its employees and/or Rated Entities.
2.4. Credit Rating — ACRA’s opinion on the ability of a Rated Entity to meet its financial obligations (creditworthiness, financial reliability, financial stability) and/or on the credit risk of its specific financial obligations or instruments, expressed through a rating category.
2.5. Rating Activities — Professional activities performed on an ongoing basis, in aggregate consisting of the preparation, assignment, affirmation, revision, withdrawal of credit ratings, and credit rating outlooks, based on the analysis of information in accordance with methodologies and accompanied by the distribution of information on assigned credit ratings and credit rating outlooks in any way that ensures access to this information by general public.
2.6. List — List of Additional Services of the Analytical Credit Rating Agency (Joint-Stock Company), this document.
2.7. Credit Rating Outlook — ACRA’s opinion on the probable change in a Credit Rating within a certain time interval (typically, from 12 to 18 months). Credit Rating Outlooks shall not be assigned to credit ratings of structured finance instruments and obligations and to credit ratings of financial liabilities.
2.8. Rated Entity — a legal or public-law entity whose ability to meet its assumed financial obligations (creditworthiness, financial reliability, and financial sustainability) is explicitly or implicitly evaluated by a Credit Rating.
2.9. Compliance and Internal Control Service (CICS) — ACRA’s internal control body performing internal control functions in compliance with the Law on Rating Agencies and bylaws of the Bank of Russia.
3. List and Brief Description OF ADDITIONAL SERVICES
3.1. ACRA provides Additional Services that are not related to those for assigning and maintaining Credit Ratings and Credit Rating Outlooks only if this activity does not create a potential Conflict of Interest in the course of Rating Activities.
3.2. ACRA has drawn up the following list of Additional Services:
3.2.1. Services that include preparation, assignment, confirmation, revision and withdrawal of Asset Management Company Reliability Ratings
An asset Management Company Reliability Rating is an indicator assigned by ACRA to an asset management company in the form of a symbol or an alphabet letter that represents an opinion the Agency arrived to by the moment of relevant research completion and that reflects asset management company’s current and future ability to render high-quality services to asset management originators under a standard trust agreement. High-quality services mean trust management services, legally permitted and offered by an asset management company, and aimed at yield maximization, given a set risk level and taking into account a priority of asset management originators’ interests over their own, as well as compliance with the due diligence (circumspection) principle and the rule of a rational investor. An Asset Management Company Reliability Rating is not a Credit Rating.
3.2.2. Services that include assessment of obligations of companies/regions, municipalities and countries for compliance with sustainable development principles
ACRA provides services that include preparation, verification and/or assignment, confirmation, revision and withdrawal of verification, and assignment of the following assessments:
Green bonds — for compliance with the Green Bond Principles published by the International Capital Market Association (ICMA) and/or the Main Areas of Sustainable (Green) Development of the Russian Federation and the Criteria for Sustainable (Green) Development Projects in the Russian Federation (the Taxonomy of Green Projects) with respect to green projects.
Green loans — for compliance with the Green Loan Principles of the Loan Market Association (LMA) and/or the Main Areas of Sustainable (Green) Development of the Russian Federation and the Criteria for Sustainable (Green) Development Projects in the Russian Federation (the Taxonomy of Green Projects) with respect to green projects.
Adaptation bonds — for compliance with the Main Areas of Sustainable (Green) Development of the Russian Federation and the Criteria for Sustainable (Green) Development Projects in the Russian Federation (the Taxonomy of Green Projects) with respect to adaptation projects.
Adaptation loans — for compliance with the Main Areas of Sustainable (Green) Development of the Russian Federation and the Criteria for Sustainable (Green) Development Projects in the Russian Federation (the Taxonomy of Green Projects) with respect to adaptation projects.
Social bonds — for compliance with the Social Bond Principles published by the ICMA.
Social loans — for compliance with the Social Loan Principles published by the LMA.
Sustainable development bonds — for compliance with the Sustainability-Linked Bond Principles published by the ICMA.
Sustainable development loans — for compliance with the Green Loan Principles and the Social Loan Principles published by the LMA.
3.2.3. Services for assessing sustainability-linked debt obligations
Assessment of sustainability-linked debt obligations is the assessment of compliance of these obligations with the Sustainability-Linked Bond Principles published by the ICMA and the Sustainability-Linked Loan Principles published by the LMA.
3.2.4. Services for assessing climate transition debt obligations
Assessment of climate transition debt obligations is the assessment of compliance of these obligations with the Climate Transition Finance Handbook published by the ICMA.
3.2.5. Services for verifying Frameworks/Policies/Guidelines for issuing debt obligations
ACRA provides services for the verification of the Frameworks/Policies/Guidelines for the issuance of debt obligations, the services for the evaluation of which are defined in Clauses 3.2.2, 3.2.3, and 3.2.4 of this List.
3.2.6. Service for assigning ESG ratings to companies (sovereigns/sub-sovereigns)
An ESG assessment is the determination of a comprehensive indicator of the sustainable development of a company (sovereign/sub-sovereign) based on an analysis of its environmental and social indicators and an assessment of the quality of its management.
As part of these services, ACRA assesses the compliance of a company/sovereign/sub-sovereign with sustainable development principles in accordance with ACRA’s methodology.
3.2.7. Service for assigning ESG assessments to companies (sovereigns/sub-sovereigns) in accordance with the principles (criteria/factors) set out in the model methodology of the Bank of Russia
As part of the provision of these services, ACRA assesses the compliance of companies/sovereigns/sub-sovereigns and their activities with the principles of sustainable development in accordance with the principles (criteria/factors) set out in the model methodology of the Bank of Russia (Recommendations for developing a Methodology and assigning ESG ratings (sustainable development ratings)).
The assessment for compliance with the sustainable development principles indicated in Clauses 3.2.2–3.2.7 is not a Credit Rating or components thereof.
3.2.8. Information and reference services (practical seminars)
ACRA provides information and reference services to individuals and legal entities in the form of practical seminars dedicated to credit analysis and intended mainly to provide participants with basic analytical and practical skills on credit analysis.
3.2.9. Data dissemination services
ACRA provides dissemination services in relation to data, including rating data, indexes, analytical research, and comments.
3.2.10. Research services
ACRA provides research services including macroeconomic and industry forecasts, analytical reports and economic models.
3.2.11. Access to conferences held by ACRA
ACRA provides access to conferences held at external venues.
3.2.12. Access to analytical reports
ACRA provides access to analytical reports posted on ACRA’s website.
3.2.13. Assessing the quality of infrastructure projects using the IRIIS approach (Impact and Responsible Investing for Infrastructure Sustainability)
ACRA provides expertise in assessing the quality of infrastructure projects, including as part of the implementation of quality infrastructure investment (QII) principles in the Russian Federation.
3.2.14. Developing methodologies for assessing delivery supervisors (entities that supervise physical delivery of commodities on the terms outlined in the specifications for and exchange-traded commodity)
ACRA provides services for the development of a methodology for assessing delivery supervisors.
3.2.15. Assessing and monitoring delivery supervisors (entities that supervise physical delivery of commodities on the terms outlined in the specifications for and exchange-traded commodity)
ACRA provides services for assigning assessments and regular monitoring of delivery supervisors.
4. Final Provisions
4.1. This List shall come into effect following its approval by the Board of Directors of ACRA.
4.2. Any changes or additions hereto must be made in writing, agreed with the Compliance and Internal Control Service and approved by the Board of Directors of ACRA.
4.3. This List shall be published on the website of ACRA within three calendar days after the Board of Directors of ACRA approves the List of Additional Services.
