When NRA "Rurik" conducts a credit rating assessment of a borrower and/or debt instrument, it uses the National Rating Scale approved by the Resolution of the Cabinet of Ministers of Ukraine No. 665 dated April 26, 2007. To determine the financial strength (stability) rating of insurance companies, the Agency uses the Rating Scale for evaluating the financial strength (stability) of insurance companies, and for deposit ratings, the Scale for assessing the reliability of deposits.
Credit Ratings | Insurer Ratings | Additional Notations | Deposit Ratings
Long-Term Investment-Grade Credit Ratings | Long-Term Speculative-Grade Credit Ratings | ||
uaAAA | Borrower or a specific debt instrument characterized by the highest creditworthiness compared to other Ukrainian borrowers or debt instruments | uaBB | Borrower or a specific debt instrument characterized by creditworthiness lower than adequate compared to other Ukrainian borrowers or debt instruments. High dependence on the impact of adverse commercial, financial, and economic conditions |
uaAA | Borrower or a specific debt instrument characterized by very high creditworthiness compared to other Ukrainian borrowers or debt instruments | uaB | Borrower or a specific debt instrument characterized by low creditworthiness compared to other Ukrainian borrowers or debt instruments. Very high dependence on the impact of adverse commercial, financial, and economic conditions |
uaA | Borrower or a specific debt instrument characterized by high creditworthiness compared to other Ukrainian borrowers or debt instruments. The level of creditworthiness is sensitive to adverse commercial, financial, and economic conditions | uaCCC | Borrower or a specific debt instrument characterized by very low creditworthiness compared to other Ukrainian borrowers or debt instruments. Potential default likelihood |
uaBBB | Borrower or a specific debt instrument characterized by sufficient creditworthiness compared to other Ukrainian borrowers or debt instruments. Creditworthiness level depends on the impact of adverse commercial, financial, and economic conditions | uaCC | Borrower or a specific debt instrument characterized by a high likelihood of default |
uaC | Default is expected on the borrower's debt obligations | ||
uaD | Default. Payments of interest and principal on the borrower's debt obligations have ceased without reaching an agreement with creditors on debt restructuring before the maturity date | ||
Short-Term Investment-Grade Credit Ratings | Short-Term Speculative-Grade Credit Ratings | ||
uaК1 | Borrower or a specific debt instrument characterized by the highest creditworthiness compared to other Ukrainian borrowers or debt instruments. The financial condition of such a borrower enables mitigating anticipated risks in the short term | uaК4 | Borrower or a specific debt instrument characterized by low creditworthiness compared to other Ukrainian borrowers or debt instruments. The financial condition of such a borrower is insufficient to mitigate anticipated risks in the short term |
uaК2 | Borrower or a specific debt instrument characterized by high creditworthiness compared to other Ukrainian borrowers or debt instruments. The financial condition of such a borrower is sufficiently high to mitigate anticipated risks in the short term | uaК5 | Borrower or a specific debt instrument characterized by very low creditworthiness compared to other Ukrainian borrowers or debt instruments. The financial condition of such a borrower does not enable mitigating anticipated risks in the short term |
uaК3 | Borrower or a specific debt instrument characterized by sufficient creditworthiness compared to other Ukrainian borrowers or debt instruments. The financial condition of such a borrower is satisfactory to mitigate anticipated risks in the short term | uaКD | Borrower has declared default on debt obligations |
Insurer's Financial Reliability (Stability) Rating
Investment Grade | Speculative Grade | ||
uainsAAA | An insurance company is characterized by the highest financial strength compared to other Ukrainian insurance companies | uainsBB | An insurance company is characterized by financial strength lower than adequate compared to other Ukrainian insurance companies. High dependence on the impact of adverse commercial, financial, and economic conditions |
uainsAA | An insurance company is characterized by very high financial strength compared to other Ukrainian insurance companies | uainsB | An insurance company is characterized by low financial strength compared to other Ukrainian insurance companies. Very high dependence on the impact of adverse commercial, financial, and economic conditions |
uainsA | An insurance company is characterized by high financial strength compared to other Ukrainian insurance companies | uainsCCC | An insurance company is characterized by very low financial strength compared to other Ukrainian insurance companies. Potential likelihood of default |
uainsBBB | An insurance company is characterized by sufficient financial strength compared to other Ukrainian insurance companies. The level of financial strength depends on the impact of adverse commercial, financial, and economic conditions | uainsCC | An insurance company is characterized by a high likelihood of default |
uainsC | An insurance company expects default on insurance and debt obligations |
Additional notations and Outlooks
Additional Notations | Credit Rating Outlooks | ||
ua |
Ratings obtained in accordance with the National Rating Scale |
stable | "Stable" outlook means that changes in the credit rating are unlikely |
+/- |
Intermediate rating levels relative to the main levels |
positive | "Positive" outlook indicates the possibility of an increase in the credit rating while maintaining positive trends and mitigating current risks |
withdrawn |
Rating withdrawn due to the borrower's failure to provide necessary information for rating update or other reasons |
negative | "Negative" outlook indicates the possibility of a decrease in the credit rating while maintaining negative trends and realizing current risks |
suspended |
Rating that may be withdrawn (as an intermediate stage before possible withdrawal) due to the borrower's failure to provide necessary information for rating update or other reasons |
developing | "Developing" outlook indicates an increased likelihood of changes in the credit rating, with the possibility of both positive and negative trends and current risks |
(pi) |
Ratings determined based on the use of only public information |
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(K) |
Rating placed on the Watchlist. The agency monitors the financial and economic activities of the issuer/borrower on an ongoing basis. The removal of a long-term credit rating from the Watchlist and its subsequent review depends directly on the agency receiving additional information regarding the financial and economic condition of the issuer/borrower. |
r5 |
Indicates very high reliability of deposits. The bank's operations are characterized by a low dependence on financial and economic conditions, as well as market conditions. The likelihood of deposit repayment is very high. |
r2 | Indicates low reliability of deposits. The bank's operations are characterized by very high dependence on adverse commercial, financial, and economic conditions. |
r4 |
Indicates high reliability of deposits. The bank's operations are characterized by moderate dependence on financial and economic conditions, as well as market conditions. The likelihood of deposit repayment is high. |
r1 | Indicates very low reliability of deposits. There is a potential likelihood of the bank not repaying a deposit. |
r3 |
Indicates moderate reliability of deposits. The bank's operations are characterized by a significant dependence on adverse commercial, financial, and economic conditions. |