Association of Agencies for Ratings, Rankings and Other Performance Indices registered at Russia’s Ministry of Justice.

On March 27, 2015, Russia’s Ministry of Justice registered the Association of Agencies for Ratings, Rankings and Other Performance Indices (AAR). The Association was founded by the leading rating agencies and ranking experts: AK&M Rating Agency, National Rating Agency, RAEX, VCIOM (The Russian Public Opinion Research Center) and Reputation Agency. Dmitry Grishankov was elected Director General of the Association.

The Association will unite agencies specializing in the assignment of ratings, development of rankings and other performance indices. In particular, RusRating has announced plans to become an AAR member. Companies specialized in the performance evaluation and assignment of ratings to providers of social services (educational, healthcare, cultural institutions, etc.) are also expected to join the AAR as part of the project to create an Independent Quality Assessment System (in accordance with the Russian President’s Decree No. 597 as of May 7, 2012).

AAR’s mission is to increase the confidence in the market of credit ratings and risk assessment, to improve the performance of social service providers. The Association has formulated a number of key objectives:

• development of a consolidated industry position, communication of this position to the society, the business community, and the government authorities;
• integration of best practices, development and maintenance of industry-specific performance standards;
• distribution and promotion of results of ratings, rankings and other performance indices as well as the rating application practice;
• transfer of best practices and industry-specific standards.

A number of professional unions and associations including Business Russia, OPORA Russia, Russia’s Chamber of Commerce and Industry, the Russian Union of Rectors etc. have publicly supported the initiative group. These and other organizations acting as rating consumers will form the AAR Expert Council.