ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of January 20, 2014 No. 40

About requirements to the minimum level of credit ratings of subjects of the Russian Federation and municipalities

The government of the Russian Federation decides:

1. Determine that internal borrowings in the form of release of government securities (municipal securities) are performed by the subject of the Russian Federation (municipality) on condition of availability at the borrower of credit rating not lower than the BBB-(RU) level on national rating scale for the Russian Federation from Analytical Credit Rating Agency (Joint-stock company) and (or) "ruBBB-" on national rating scale for the Russian Federation from Joint-stock company "Expert RA Rating agency.

Determine that external borrowings are performed by the subject of the Russian Federation on condition of availability at the borrower of credit rating at the AAA(RU) level on national rating scale for the Russian Federation from Analytical Credit Rating Agency (Joint-stock company) and (or) "ruAAA" on national rating scale for the Russian Federation from Joint-stock company "Expert RA Rating agency.

2. Bring in the order of the Government of the Russian Federation of December 1, 2012 No. 1238 "About state registration of conditions of issue and the address of government securities of subjects of the Russian Federation and municipal securities, the changes made to conditions of issue and the circulation of these securities and also about reports on the carried-out issue" (The Russian Federation Code, 2012, No. 50, the Art. 7056) the following changes:

a) declare Item 2 invalid;

b) the subitem "b" of Item 7 of Rules of state registration of conditions of issue and the address of government securities of subjects of the Russian Federation and municipal securities, and also the changes made to conditions of issue and the circulation of these securities approved by the specified resolution to state in the following edition:

"b) information on the credit scores assigned on the international scale to the subject of the Russian Federation by at least than 2 international rating agencies accredited according to the procedure, established by authorized federal executive body, it is not lower than the level, established by the Government of the Russian Federation;".

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