07 June 2004 07:36
Moody`s Interfax to expand its activity in CIS
MOSCOW. June 7 (Interfax) - Moody's Interfax Rating Agency plans to expand its activity in the CIS and also
develop a method in Russia for assigning credit ratings to insurance companies, Moody's Investors Service President
John Rutherford said at a press conference in the Interfax central office on Monday.
Moody's Investors Service and the international information group Interfax signed a deal on Monday to increase
Moody's participation in the Interfax Rating Agency to a controlling stake. After this deal was legally drawn up,
the sides signed an agreement renaming Interfax Rating Agency as Moody's Interfax Rating Agency.
At the press conference Rutherford said that he hopes for fruitful cooperation with Interfax. He said that joint work
is already underway and will continue - both for the development and adjustment of a method for assigning ratings to
various sectors of the Russian economy, and for the development of methods for assigning ratings in new sectors,
particularly the insurance sector. He also said that the companies plan to expand their joint activity in the CIS,
particularly in Kazakhstan, Azerbaijan, Ukraine and Belarus.
Rutherford said that Moody's will provide knowledge and that the company will help Interfax better understand
the factors that need to be taken into consideration when assigning ratings.
On the other hand, he said that cooperation with Interfax will help Moody's understand the concrete
circumstances and conditions in which Russian companies are working.
In turn, Interfax Chairman of the Board Mikhail Komissar noted "the importance of today's event for the
further development of the rating business in Russia."
"Moody's is the first and currently the only world rating agency that has assigned an investment rating to
Russia. This important step, together with their confirmed plans to develop business in Russia, again confirm
Moody's confidence that the Russian economy is developing in the right direction," Komissar said. [RU ASIA
EUROPE EEU EMRG AAA CORA RESF INS KZ AZ UA BY] rd
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