Expert RA to develop cooperation with Uzbek partners
20.08.2007, 23:45
A classic credit rating is the result of a large-scale labourious
research reflected in a single final indicator, which portrays the
company's overall reliability. This and other related issues were
discussed at a roundtable meeting held by the representatives of the
financial sector of Uzbekistan on 17 August at the Ministry of Finance
of Uzbekistan.
The meeting titled "Rating as a powerful tool for attracting investors"
was organised by the Ministry of Finance, the Association of
Professional Participants of the Insurance Market of Uzbekistan, the
Centre for Coordination and Control over the Functioning of the
Securities Market, the Association of Leasing Companies and Credit
Unions, Expert RA Rating Agency (Russia) and SAIPRO Company
(Uzbekistan).
Using this opportunity, UzReport.com reporter
interviewed Russian expert, the Director-General of the Expert RA
Agency Dmitriy Grishankov.
- How long did it take Expert RA to earn reputation in the market?
- Answering this question, I would like to speak of the international
experience. We periodically survey the world market for rating services
and I can state that currently about a hundred rating agencies operate
around the world more or less actively. The average period it takes a
company to establish and raise its business is approximately 5 to 7
years. It took about the same time for our company to strengthen its
position in the market, and this year our agency turns ten.
- What markets has the Agency penetrated?
- Apart from Russia, today we have clients in Poland, Czech Republic,
Baltic, Ukraine, Kazakhstan, Uzbekistan and in principal we currently
position ourselves as an agency that targets the markets of the former
Soviet Union. This is explained, first of all, by the fact that Russian
language is still widely used on the territory of these countries, at
least most of them, and this is an integral factor. And secondly,
despite some major differences in the legislations of these countries,
some common methodological grounds are there, and a certain common
approach, a method of entry can be used. Our ambitions at this point
envisage the establishment of the rating services market on this
territory, and then we will move further.
As for the offices,
due to the relatively small number of foreign clients outside the
Russian Federation, we work mainly through representatives, because it
is easier for us to send a person on a business trip so he or she works
with one or two clients. Besides, the legislative bases of some of the
countries, such as say Ukraine, do not allow us to open offices. As you
know, according to a recent governmental resolution, only local
operators with the required Ukrainian capital can work in the country's
rating services market, and that is why a number of international
rating agencies are experiencing problems with operation there.
As for Uzbekistan, I can say that we are now considering different
alternative actions, and whatever the case, we will closely cooperate
with local structures, particularly, SAIPRO Company. With this company
last year we signed an agreement of cooperation in the development of
rating culture and the quality of ratings in the countries of Central
Asia. I believe that we will continue to support at least information
cooperation with this agency, and as a maximum we plan development of
closer cooperation.
- Which of your rating products finds the highest demand?
- The family of Expert RA's ratings includes classic credit ratings of
companies of all sectors of economy (Banks, insurance and leasing
companies, industrial enterprises, factoring, etc), regions and
municipal forms, as well as ratings characterizing different aspects of
companies' social responsibility: the ratings of corporate governance,
ecological responsibility, etc. Moreover, we regularly prepare and
publish the rankings of the largest Russian companies and the leaders
of the sectors of economy, and the ratings of regions' investment
attractiveness.
To take Russia's experience, the highest
demand was demonstrated for the ratings of insurance and leasing
companies, because this sector experiences probably the toughest
competition for the clients. As for the banking system, in Russia, the
banks have divided the market between themselves, and each watches over
its own niche. This naturally has its effect on the competition. And
rating only exists where there is competition.
Expert RA
Expert RA Rating Agency is the first independent rating agency in
Russia. It was established by the Expert magazine in 1997. Today, it is
the largest national rating agency in the country, employing over 60
staff men.
At the core of the agency's business is a unique
system of rating products. The Expert RA's rating family includes
classic credit ratings of the companies of different sectors of
economy, regions and municipal establishments, as well as ratings
describing different aspects of the companies' social responsibility:
corporate governance rating and ecological responsibility rating.
Today, Expert RA's ratings are awarded to over 100 companies (including
companies in Eastern Europe, CIS and Baltic) and regions, of which more
than 60 have received the company's credit ratings.
Other
areas of the agency's activity include preparation and publication of
the lists of largest companies in Russia and the leaders of individual
sectors of economy, and the ratings of regions' investment appeal. The
agency carries out complex researches of different sectors of Russian
economy and commodity markets.
Over the years of its
operation, Expert RA has gained recognition in Russian and foreign
business circles as the provider of objective, independent and
professionally prepared rating products and analytical materials.
