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AKRA Registered and In Business

11.12.2015 12:00 / TASS

Russia’s national rating agency AKRA has registered as a legal entity and commenced operation, announces a press release.

The Board of Directors has decided at its first meeting that the agency will be floated. The Board also approved the ethics and professional conduct code.

AKRA General Director Ekaterina Trofimova says the agency will hire key personnel in the nearest future, priorities also include the launch of a website disclosing AKRA market polling methods.

AKRA has been in the making since July 2015, following a drop in Russia’s sovereign and corporate international ratings, which has effectively cut off Russian business from the international capital markets.

27 major banks and companies are among the AKRA pool of investors, with the total stake of less than 5%. The agency’s capital exceeds RUB 3bln.

AKRA will stay non-public at least for the first three years and its first ratings will be published in Q2-Q3 2016.

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