Bank of Russia scaling factors

Types of securities		Scaling factor
Bank of Russia bonds		1
Russian Federation government bonds placed in domestic financial market
Russian Federation government bonds placed in international financial market		0.98
International financial organisations bonds
Regional and municipal government bonds
AHML bonds		0.95
Mortgage bonds*		0.9
Bonds of legal entities — residents of Russian Federation*	if an issuer (issue) has a credit rating at level BB+ („Fitch Ratings” and „Standard&Poors”) or Ba1 („Moody’s Investors Service”) and higher	0.95
	if an issuer (issue) has a credit rating at level BB- or ВВ („Fitch Ratings” and „Standard&Poors”) / Ba3 or Ва2 („Moody’s Investors Service”)	0.9
	if an issuer (issue) has a credit rating at level B- or B or B+ („Fitch Ratings” and „Standard&Poors”) / B3 or B2 or B1 („Moody’s Investors Service”)	0.8
	if an issuer (issue) hasn’t the appropriate credit rating but if it has the state guarantee of the Russian Federation	0.85
ARHML bonds		0.8

* According to the special Bank of Russia decisions scaling factors may differ from the values shown in the table. Information about scaling factors of each issue included in the Bank of Russia Lombard list is shown in Information about securities eligible as collateral for the Bank of Russia loans.

Updated April 15, 2015.