MOSCOW - Moody's Interfax Rating Agency, a subsidiary of international rating agency Moody's Investors Service, said that it has withdrawn all of the national scale ratings assigned to about 150 Russian issuers, including the largest banks and companies.
Last week Moody’s Investors Service said it had made a fundamental decision to withdraw the national scale ratings due to changes in Russian legislation. “This decision was taken in light of legislative changes and other potential restrictions applicable to the business of providing NSRs in Russia and notably the expected requirements regarding structural and operational independence which would limit MIRA’s ability to make use of Moody’s global resources,” the agency said in a press release.
The decision to withdraw the national ratings announced by Moody’s does not affect the agency’s global scale ratings.
The business of Moody’s Interfax Rating Agency, in which Moody’s holds a 51% interest and the Interfax Group holds 49%, will be closed following the withdrawal of its national scale ratings, Moody’s said.
