Criteria for compiling the List of Russian Constituent Territories and Municipalities for the purpose of refinancing

To harmonise the requirements for credit quality of assets eligible as collateral for liquidity-providing operations the Bank of Russia decided to change the criteria for compiling the List of Russian Constituent Territories and Municipalities which may be the entities liable under loan agreements whose claims may be included in the collateral pool of the Bank of Russia (hereinafter, the List).

Starting from 1 July 2019, the List will be compiled from the Russian constituent territories and municipalities rated no lower than A(RU) in the classification of the credit rating agency ACRA (JSC) or ruA in the classification of the credit rating agency JSC Expert RA¹.

While deciding on the inclusion of Russian constituent territories and municipalities in the List, the Bank of Russia will take into account the availability of the above ratings and the results of their credit quality assessment.

¹ From 1 January 2018, the requirements for the minimum credit rating for the issue (issuer) of bonds (including bonds of Russian constituent territories and municipalities) to be included in the Bank of Russia Lombard List were set to be no lower than A(RU) / ruA in the classification of credit rating agencies ACRA (JSC) / JSC Expert RA respectively (Bank of Russia press release ‘On minimum credit rating for securities to be included in Bank of Russia Lombard List’ of 20 October 2017).

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