Russia to launch national credit rating agency in 2015

Russia plans to launch its own credit rating agency this year, in efforts to satisfy interests of the Russian economy and in response to negative rating of Russia's credit status by Western rating agencies, the Central Bank said Friday.

"The agency's founding capital is planned to amount to 3 billion rubles (about 52 million U.S. dollars) and initial public offering will be completed by the end of August," the bank said in an online statement.

"The Russian market needs a strong credit rating agency capable of satisfying interests of the economy as well as earning reputation among domestic and foreign investors," the bank stressed.

The initiative to found Russia's own credit rating agency was raised in February, when international rating agencies slashed Russia's credit rating to the junk status, citing the ongoing crisis in eastern Ukraine and the slump of global oil prices.

In response, Deputy Finance Minister Sergei Storchak warned that Russia may cancel the cooperation agreement with the leading Western rating agencies.

It is senseless to negotiate with these "handymen of their political leaders" while paying them fees for issuing the credit ratings, Storchak said.

In June, the Central Bank said that the downgrading of Russia's sovereign rating below the investment level, made by international rating agencies such as Standard & Poor's Ratings Services and Moody's Investors Service, has not affected domestic financial stability. Endi