In Europe of an ACRE waiting for a new ERA

© RIA Novosti / Ilya Petliurite in fotobounce. Archival photoIn Europe of an ACRE waiting for a new ERA© RIA Novosti / Ilya Petliurite the image Bank

Analytical credit rating Agency (ACRA) has completed the acquisition of the Slovak rating Agency European Rating Agency (ERA) and launched the international rating scale, told reporters the head of the AKP Ekaterina Trofimova.

«The acquisition of ЕRA will allow ACRA to strengthen the international presence and to enter the European market. ACRA plans to boost the development of existing franchise ЕRA, the direction of ratings of regional and municipal authorities, as well as to expand expertise on sovereign ratings and ratings of supranational development institutions,» — said Trofimov.

«We can say that with the acquisition of ERA was launched by the international rating scale for the group of ACRES. Thus, ACRA will be in the future to engage in national scale and ERA – international», she explained.

ACRES in November 2017 signed a Memorandum on cooperation with the Chinese rating Agency Golden Credit Rating International. The Agency is planning to conduct joint analytical work, to develop technological and information cooperation and to promote mutual recognition of ratings by Chinese and Russian investors and regulators.

A window to Europe

The acquisition agreement was signed ЕRA 20 APR Trofimova and Chairman of the Board of Directors ЕRA Emil Kubinka. ACRES, which became the sole shareholder of ERA, intended to ensure the continuity of its activities in Central and Eastern Europe.

At the meeting with journalists Trofimova said that now the AKP is «in close contact with the European regulator ESMA (European securities and markets – ed.) and answers all questions that relate to plans and investments.»

Mills explained that in addition to licensing in Europe, rating agencies need to be included in the official mapping was projected, or that the official correspondence between the scales. «Without the inclusion in this official mapping was projected even with a license, the ratings of such Agency may not be used for regulatory purposes in the EU,» she said.

«What is important relative to the ERA, it has not only the license but is included in the official mapping was projected. Use in regulatory purposes in Europe is not as widespread as in Russia, but it is an important reputational asset which has a Agency,» — said Trofimov.

She said that the group also plans to carry out work to the ratings agencies was included in regulatory requirements in the Russian Federation in the status of international rating Agency without registering a legal entity.

New ERA

ERA started assigning ratings on the Slovak market in 2001. In July 2012, ERA has included in the registry of credit rating agencies the EU that allowed him to assign credit ratings for regulatory purposes. Currently, the ERA assigns ratings based mostly companies operating on the Slovak market and some other EU countries. Share ERA on the European market of rating services is less than 1%.

«The primary investment will be associated with the office move and upgrade IT. Most of the staff we saved from the side of an ACRE on a temporary basis, the work will involve one staff member, who will lead the analytical work – the head of group of regional and sovereign ratings of ACRE,» — said the head of the AKP.

«In our strategic plans for the group as a priority – to ensure the continuity ERA and to optimize its structure, to carry out the investments needed for further development not only in operations, but in the analytic infrastructure,» continued mills.

The Board of Directors of the Agency will be headed by a member of the Board of Directors of ACRE Thomas Missong, who is President of the European Association of credit rating agencies EACRA.

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