A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Russian market reputation is the key criterion used when choosing a rating agency

The Analytical Credit Rating Agency (ACRA) has conducted its third annual Russian rating industry survey. In 2018, the survey was carried out for the first time after the transitional period of reforming this sector in Russia.

88% of the respondents stated that, on the whole, they trust the ratings assigned by agencies operating in Russia. It is a maximum level of trust demonstrated over the past two years. The greatest degree of trust is demonstrated by those financial market players who use credit ratings based on both national and international rating scales as complementary tools in taking investment decisions. According to ACRA, this practice is becoming increasingly widespread.

Stricter state regulation of the sector and correct (as seen by market players) risk assessments of the rated issuers are the key drivers of trust in credit ratings. Over the past year, ratings assigned by agencies operating in the Russian market have gained trust among 42% of respondents, versus 30% in 2017 and mere 8% in 2016. The main factors undermining the trust include credit risk underestimation, slow responsiveness and declining competitiveness in the Russian market. However, the share of respondents who believe that the current level of competitiveness in the rating industry pushes down the quality of ratings has decreased.

Dissatisfaction over credit ratings penetration in the Russian market has declined over the past year. The respondents who use national-scale ratings only are the most satisfied with the coverage. Sectors least covered by ratings are construction and real estate, agro-industry, and IT and media.

Russian market reputation has become the main selection criterion applicable to rating agencies. Last year, respondents attached equal importance to reputation on the national and global markets.

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