Moody's withdraws all national scale ratings in Russia
Moody's Interfax Rating Agency, a joint-venture between Moody's Investors Service, a subsidiary of Moody's Corporation, and the Interfax Information Services Group, has withdrawn its Russia national scale ratings, the agency reported Friday, Russian news agency TASS reported.
"Moody's has withdrawn the ratings for its own business reasons," the agency said in its statement.
Earlier Moody's Investors Service announced its decision to withdraw national scale ratings (NSR) in Russia. This decision was taken in light of legislative changes and other potential restrictions applicable to the business of providing NSRs in Russia, Moody's said.
The agency also plans to close Moody's Interfax Rating Agency. Its operations will stop after withdrawal of Russian national scale ratings, as reported.
Moody's warning highlights pressure on Russia to adapt to lower oilHowever, it is reported that the agency plans to retain its local presence in Russia and will continue to provide Global Scale Ratings to customers in the country and in other states in the region.
In end-February another global rating agency Fitch said it could withdraw national scale ratings of local companies in order to avoid the contradiction between the Russian and international legislation.