March 14, RA «Standard-Rating» (Ukraine) has signed the Memorandum of mutual understanding with the Ukrainian rating agency «Expert-Rating». Under the Memorandum the parties have come to an agreement:

• To promote the greater transparency and corporate culture of the Ukrainian financial sector as a whole and its insurance segment in particular;
• To improve the level of market readiness for the implementation of international agreements Basel II and Basel III in the banking sector, Solvency II in the insurance sector;
• To conduct the collaborative educational events aimed to popularization of the rating services in the Ukrainian market;
• To share information about the innovative solutions to problems related to the assessment of the insurers’ financial stability and its credit ratings;
• To share distribution channels of information about the assigned credit ratings in the interests of clients;
• Collectively to take part in public discussions of the insurance regulator’s initiatives on nominating the requirements to the financial stability of insurers and to its ratings;
• To inform each other of significant factors that may negatively affect the financial stability of insurers and their credit ratings in that case if the same company uses simultaneously the services of two or more rating agencies.

The signed memorandum is not intended for commercial purposes, the main goal of the interaction of rating agencies is to increase the popularity of using the financial services by ordinary consumers.

Rating agency «Standard-Rating» (Ukraine) was created in October of 2010, in Ukraine, as a subsidiary of the British rating company GPRC “StandardRating”. The function to curate the rating and research business of the company “StandardRating” in Russian-speaking countries of the former USSR has been assigned to the Agency. GPRC “StandardRating” maintains on a regular basis the credit sovereign ratings of 27 countries, including Russia, Ukraine and Kazakhstan.

RA «Expert-Rating» is the largest operator of the voluntary rating market in Ukraine. The Agency’s clients are the largest banks of Ukraine, insurance companies, asset management companies and collecting companies, as well as international reinsurance companies. Since June of 2010 the Rating agency «Expert-Rating» has been recognized as the authorized rating agency by SSMSC (Certificate №5 of 09.06.2010 on the inclusion into the state register of authorized rating agencies). The methodological base of rating agency covers the banking, insurance and investment sectors. The Agency specializes in assigning the credit and infrastructural ratings according to the Ukrainian and international scale.