Contextualizing Russia's Ratings Agency: ACRA

Emerging Market Fiscal Oversight and Governance Mechanisms, March 2016

14 Pages Posted: 20 Mar 2016

See all articles by Usman W. Chohan

Usman W. Chohan

UNSW Business School; Critical Blockchain Research Initiative (CBRI)

Date Written: March 19, 2016


Russia’s new Ratings Agency (ACRA) replaces the major international agencies (Moody’s, S&P, Fitch) for the purposes of assessing credit quality and assigning credit ratings to domestic borrowers in Russia. This discussion paper contextualizes this development as part of the broader trend in corporate leveraging in emerging markets and the risks to fiscal oversight created by corporate leveraging, while noting that both sanctions against Russia as well as depressed oil prices have catalyzed the current ACRA into being, as part of a strategy to address credit quality concerns and opacity in fiscal oversight of corporate leverage while the macroeconomic strains from extractive industry constraints loom large. This enriches the discussion of corporate leveraging in BRICS in light of the dramatic changes that this emerging market cohort is witnessing at present (2016).

Keywords: Russia; Credit Ratings; Fiscal Oversight; Emerging Markets; Governance; Extractive Industries

Suggested Citation

Chohan, Usman W., Contextualizing Russia's Ratings Agency: ACRA (March 19, 2016). Emerging Market Fiscal Oversight and Governance Mechanisms, March 2016. Available at SSRN: or

Usman W. Chohan (Contact Author)

UNSW Business School ( email )

UNSW Business School
High St
Sydney, NSW 2052

Critical Blockchain Research Initiative (CBRI) ( email )

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