20:01 GMT23 September 2020
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    The head of Fitch Ratings in Moscow Dmitry Surkov said Friday that there is a high probability that Fitch may open a branch in Russia.

    MOSCOW (Sputnik) — Fitch with a high probability may open a branch in Russia, head of Fitch Ratings in Moscow, Dmitry Surkov, said Friday.

    "We continually review our business model and the regulatory structure in the world, to secure the optimum position with a long-term perspective, to promote and support the functioning of the markets in which we work, including Russia," Surkov told RIA Novosti.

    "Our long-term business structure in Russia is in the process of discussion, and currently the establishment of a branch in Russia is seen as a strong possibility," he said.

     

    Earlier on Friday, Fitch announced the decision to withdraw some 150 public Russian National Scale Ratings by March 31, 2017. The decision was adopted following the introduction of a new regulation system of credit ratings in Russia, under which Fitch Russian National Scale Ratings would be impossible to be used for regulatory purposes.

    Fitch noted that it seeks to continue open and constructive dialogue with Russian Central Bank.

    According to the Russian law, the state's authorities will use solely national scale ratings from accredited agencies for regulatory purposes. The transition period for Russian rating agencies will finish in January 2017, while for foreign agencies it will end in July. Foreign agencies will have to open an affiliate in Russia to get accredited. The Russian government and the Central Bank use ratings in their regulations to assess credit quality of issuers, banking institutions and instruments.

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