The procedure for determining the credit rating (rating) of a borrower or its individual debt instruments consists of several sequential stages that ensure a comprehensive rating assessment. The total duration of the procedure usually does not exceed 30 days.

1. Conclusion of a Credit Rating Agreement

In the vast majority of cases, NRA "Rurik" conducts rating assessments based on direct contractual relationships with the Client, which increases the objectivity of the rating assessment due to the Client providing sufficient information (even non-public) about its own activities. At this stage, all organizational issues and contractual terms for future cooperation are agreed upon.

2. Formation of an Analytical Team

For each rating object, NRA "Rurik" forms a working group, taking into account the specificity of the Client's activities to the maximum extent possible. At this stage, the Agency appoints an analyst who is responsible for interacting with the client, ensuring the timeliness and completeness of the analysis conducted. Also, a list of contact persons responsible for the timely and complete provision of information by the Client is coordinated, with the distribution of their authority and areas of expertise.

3. Data Collection

To conduct the rating assessment, NRA "Rurik" uses information provided by the client, as well as data from other reliable sources as deemed by the Agency. The rating assessment procedure by NRA "Rurik" guarantees the confidentiality of the commercial information provided by the Client.

At this stage, the Agency prepares and provides the Client with an information request that includes requirements for the list and content of information necessary for the credit rating research. Depending on the complexity of the rated entity, the Agency may issue clarifying information requests containing additional informational requirements.

4. Data Analysis

To determine the credit rating, NRA "Rurik" conducts comprehensive credit analysis, involving the examination of both qualitative and quantitative characteristics of the rated object. To perform this analysis, the Agency uses its proprietary rating methodology, which is developed taking into account the specific properties of various types of borrowers and their debt instruments.

At this stage, a draft rating report is prepared and provided to the Client, containing preliminary research results conducted by the Agency regarding the creditworthiness of the rated object.

5. Refinement of Analysis Results

In many cases, for a deeper understanding of the creditworthiness of the rated object, the Agency may request additional information from the Client. The rating process allows for additional personal meetings with the management and responsible employees of the client company, if necessary, as the quality, consistency, and completeness of the information in the Agency's possession can significantly impact the final rating assessment. The Client may specify confidential information that they are willing to disclose to NRA "Rurik," but under the condition that it will not be included in the rating report and will not become public.

At this stage, a finalized official rating report is prepared in coordination with the Client, containing processed and systematized information regarding the rated object's creditworthiness.

6. Assignment of the Rating

To determine the rating level, NRA "Rurik" convenes a rating committee meeting in accordance with its internal procedures, during which the responsible analyst from the working group presents the results of the conducted research. Based on the rating report, presentations, and other supporting materials, the rating committee makes a collective decision regarding the rating assessment of the rated object. The formalized, clearly defined procedure for making decisions about the rating level and the collegial nature of this decision-making process aim to enhance the objectivity and impartiality of the assigned rating assessments. The composition of the rating committee and the voting results at the rating committee meeting are confidential information of the credit rating agency.

At this stage, a rating decision is made, including the assigned rating grade on the National Rating Scale and its outlook. The rating decision, along with the rating report, is then provided to the Client.

7. Client's Control of Rating Results

Upon reviewing the results of the rating research, the Client, if they have grounds to believe that certain factors that significantly impact the rating level were not considered during the rating process, has the right to file an appeal. Only appeals containing new factual data and documents not previously considered at the rating committee meeting are accepted for review by the rating committee. If such information is available, a follow-up rating committee meeting is held to make a final rating decision that is not subject to appeal. At this stage, within 10 working days of receiving the rating decision, the Client has the right to file an appeal for a review of the assigned rating. With the Client's consent, NRA "Rurik" publishes information regarding the assigned credit rating using channels available to the agency.

8. Ongoing Cooperation

For NRA "Rurik," assigning a rating is not the end of the rating object's assessment but rather a starting point. The agency continuously monitors all assigned credit ratings, tracking important factors that may affect their levels. The agency reserves the right to change the rating level or outlook at any time if there are significant reasons to do so. Planned rating updates, following the rating process procedures, occur quarterly or semi-annually.

Download the proprietary rating assessment methodology

04053 Kyiv, Sichovykh Striltsiv st., 52-A