Key Definitions

Rating Methodology - a set of documents that define the criteria for determining a credit rating by an authorized rating agency based on the National Scale, including the process of analyzing the issuer and its securities for signs of fictitiousness.

Rating Procedure - a document that defines the sequence of actions for assigning, updating, suspending, and withdrawing a credit rating on the National Scale.

Rating Assessment Methodology - a document that outlines the fundamental principles and methodological foundations for determining and updating credit ratings, which are adhered to by NRA "Rurik" when assigning ratings to different rating objects. 

The methodologies include a list of criteria and key indicators examined within the Rating Procedure, and they form a public part of the general methodology for determining credit ratings. The interpretation of the values of calculated indicators, their impact level, principles of alignment and grouping, comparative tables, reference databases, threshold (normative) values, and other rating assessment tools are commercial secrets of the Agency and are not subject to disclosure.

NRA "Rurik" reserves the right to amend certain provisions of these Methodologies to avoid discrepancies in the rating process in cases of changes in the current legislation of Ukraine in the field of rating.


Our experts use special creditworthiness assessment methodologies for various types of rating objects:

The application of Methodologies is possible only in conjunction with other proprietary intellectual developments that form the methodological basis of the rating process, including:

  • Methodology for determining credit ratings (certificate of copyright registration dated 01.02.2007, No. 19443), which outlines a standardized rating procedure;
  • Code of Business Ethics (certificate of copyright registration dated 08.11.2010, No. 35612), describing the agency's operating standards;
  • Procedure for analyzing the issuer and its securities for signs of fictitiousness.
Regulatory Framework

The documents that make up the agency's rating methodology are developed in accordance with international standards and current Ukrainian legislation in the field of rating, taking into account:

  • NCSSM Resolution "On Approval of Rules for determining a credit rating by an authorized rating agency on the National Rating Scale" dated 12.01.2016, No. 17;
  • Cabinet of Ministers Order "On Approval of the Concept of creating a system of rating regions, sectors of the national economy, economic entities" dated 01.04.2004, No. 208-r;
  • Code of Conduct for rating agencies, approved by the International Organization of Securities Commissions (IOSCO).

The determination of the credit rating level is carried out by the agency using the National Rating Scale, approved by the Cabinet of Ministers "On Approval of the National Rating Scale" dated 26.04.2007, No. 665.


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