Kazakhstan's financial regulator endorses Russian ACRA ratings for bank prudential standardsKazakhstan's Agency for Regulation and Development of the Financial Market has approved the use of the Russian Analytical Credit Rating Agency's (ACRA) ratings by Kazakhstan's banks."Following a thorough evaluation process, the Agency for Regulation and Development of the Financial Market of Kazakhstan has acknowledged ACRA ratings as valid for use by financial institutions to meet prudential standards and limits," the regulator said.This move follows the regulator's resolution No. 67 from July 2023, which outlined criteria for recognizing foreign rating agencies."The Russian Analytical Credit Rating Agency has verified its compliance with the established criteria," according to the press release.The recognition process for a foreign rating agency is based on 18 criteria encompassing aspects like minimum capital requirements, adherence to international rating methodologies, robust corporate governance, and stringent information confidentiality protocols.ACRA, founded in 2015, assigns credit ratings to all categories of issuers, including Islamic finance instruments like sukuk and evaluations related to environmental, social, and governance (ESG) criteria. With a branch operating in the Astana International Financial Center since 2019, ACRA aims to establish a national rating scale for Kazakhstan.The ACRA's ratings, along with those from the 'Big Three' international agencies—Standard & Poor's, Moody's, and Fitch— will now be used for regulatory oversight. (ICE ALMATY)

Fonte notizia: INTERFAX