National Rating Agency

What National Rating Agency does

National Rating Agency (NRA / НРА) is an independent Russian credit rating agency incorporated as a private limited liability company (OOO) headquartered in Moscow. Founded in 2004 and included in the Bank of Russia's Register of Rating Agencies in 2019, NRA issues credit ratings on a Russian national scale (with the |ru| suffix), non-credit ratings of reliability and quality of services for entities such as non-state pension funds, investment companies, managing companies, registrars, depositories and closed-end mutual funds, ESG ratings, and verification opinions for green, social and sustainable development bonds. NRA was the first Russian CRA to sign the UN-backed Principles for Responsible Investment (PRI) and the first to integrate ESG criteria into credit rating methodologies.

The agency's technology stack is methodology- and analytics-driven rather than software-platform-driven, comprising national-scale rating methodologies, ESG assessment frameworks, sustainable-development verification standards and a jointly operated ESG Laboratory with Lomonosov Moscow State University for methodology development. NRA's ratings are incorporated into regulatory acts of the Bank of Russia and the Government of the Russian Federation, and are used by Moscow Exchange (for Growth Sector bond inclusion) and SPB Exchange (for bond admission), as well as by VEB.RF as an official verifier for sustainability-linked instruments.

NRA operates a B2B, sales-led professional services model with a direct commercial team; revenue is generated by assignment and surveillance of credit ratings, non-credit reliability ratings, ESG ratings and green/social/sustainable bond verification, alongside add-on analytics publications and industry rankings. Customers span financial institutions (banks, insurance companies), non-financial corporate issuers, investment infrastructure firms, ESG-focused entities and regional governments, with no disclosed pricing and no public revenue or funding figures.

Name

National Rating Agency

Legal name

OOO «Nacionalnoe Rejtingovoe Agentstvo» (ООО «Национальное Рейтинговое Агентство»)

Website

https://ra-national.ru

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

National Rating Agency (NRA) is an independent Russian credit rating agency, headquartered in Moscow and registered with the Bank of Russia, that issues national-scale credit ratings, non-credit reliability ratings, ESG ratings and green/social bond verification for banks, insurers, investment firms, corporates and regional governments.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (56145)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

ESG Data, Ratings & Climate Benchmarks (FSAFAIAI)

akta.pro secondary industry

Sustainable Finance & ESG Ratings/Benchmarking Support (EUAHAJAH)

Keywords

• Credit rating services
• ESG ratings
• Credit risk assessment
• Sustainable finance verification
• Financial reliability ratings

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Credit Rating Services: Assignment and maintenance of credit ratings to organizations and financial instruments based on national rating scale for Russian Federation
2. Non-Credit Rating Services: Non-credit ratings of reliability and quality of services for НПФ, investment companies, managing companies, registrars, depositories, and closed-end mutual funds
3. ESG Ratings: ESG ratings assessing environmental, social and governance performance of rated entities
4. Verification Services: Verification of financial instruments for compliance with green, social and sustainable development standards, performed as official verifier for VEB.RF

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

National Rating Agency (NRA) is an independent Russian rating agency that assigns credit ratings on the national Russian scale (|ru|), non-credit ratings of reliability and quality of services for non-state pension funds, investment companies, management companies, registrars, depositories and closed-end mutual funds, ESG ratings, and verification services for green, social and sustainable development financial instruments. Ratings are recognized by the Bank of Russia and the Government of the Russian Federation, and are used by Moscow Exchange and SPB Exchange for bond listings.

Product overview

National Rating Agency (NRA) operates as an independent Russian rating agency offering a unified platform of rating products and analytical services. The core offering consists of credit ratings on the national Russian scale (|ru|), non-credit ratings of reliability and quality of services across multiple sectors (pension funds, investment companies, management companies, registrars, depositories, closed-end mutual funds), and ESG ratings. These are complemented by verification services for sustainable finance instruments (green, social, and sustainability bonds) and analytical research products. The agency is officially registered with the Bank of Russia (2019) and its ratings are incorporated into regulatory frameworks by the Russian Government and Bank of Russia, as well as used by Moscow Exchange and SPB Exchange for bond listings.

Differentiator

Problem solved

Functional benefit

Brands

• ESG Laboratory at MSU: ESG research and analytical laboratory established jointly with Moscow State University

Products and services

• Credit Ratings (Кредитные рейтинги)

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Moscow Exchange (Московская биржа)coreStrategic or Co-development PartnerНРА ratings are used by Moscow Exchange for inclusion of bonds in the Growth Sector. Moscow Exchange recognizes НРА credit ratings for bond listings in specified quotation lists.
• SPB Exchange (СПБ Биржа)coreStrategic or Co-development PartnerSPB Exchange uses НРА credit ratings for admission of bonds to trading. НРА ratings are included in the list of credit rating agencies for bond listing requirements.
• VEB.RF Development Corporation (Корпорация развития ВЭБ.РФ)coreStrategic or Co-development PartnerНРА has official status as verifier for green, social bonds and sustainable development bonds in VEB.RF. Enables inclusion and maintenance of financial instruments in the Sustainable Development Sector of Moscow Exchange and financing of green projects.
• Moscow State University named after M.V. Lomonosov (МГУ им. М.В. Ломоносова)coreStrategic or Co-development PartnerJointly created ESG Laboratory for sustainable development research and methodology development. Combines academic expertise with rating agency practical experience.
• Bank of Russia (Банк России)coreStrategic or Co-development PartnerНРА is included in the Register of Rating Agencies of Bank of Russia (since 2019). Bank of Russia includes НРА credit ratings in regulatory acts for reserve calculations, capital adequacy, and other regulatory requirements.
• Principles for Responsible Investment (PRI)coreStrategic or Co-development PartnerНРА is the first among Russian credit rating agencies to sign PRI (Principles for Responsible Investment), demonstrating commitment to ESG integration in rating methodologies.
• International Capital Market AssociationminorStrategic or Co-development PartnerInternational organization for capital markets cooperation, listed as cooperation partner.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• MSCI ESG Research: Global provider of ESG ratings and data; competes with NRA's ESG ratings business for institutional investors and corporates seeking sustainability assessments and overlaps on ESG methodology positioning.
• ISS ESG: Provider of ESG ratings, climate solutions and sustainable bond second-party opinions; directly comparable to NRA's ESG ratings and green/social/sustainable bond verification offering, especially for institutional issuers.
• Sustainalytics: Global ESG ratings and research firm providing second-party opinions and ESG risk ratings; comparable to NRA's ESG ratings and sustainable bond verification services, particularly for cross-border green/social issuance.

Broad incumbents

• Fitch Ratings: Global rating agency active in Russian bank, corporate and insurance ratings; competes with NRA on the same rated entities whenever issuers seek international-scale opinions alongside national-scale ratings.
• S&P Global Ratings: Global rating agency providing sovereign, corporate and structured finance ratings; an incumbent competitor for cross-border and internationally comparable ratings touching Russian issuers, alongside NRA's domestic franchise.
• Moody's Ratings: One of the global Big Three credit rating agencies; historically active in Russian sovereign and corporate ratings and competes with NRA for any international-scale mandates and methodology credibility in Russia.

Direct peers

• ACRA (Analytical Credit Rating Agency): Major Russian credit rating agency founded by leading Russian financial institutions, offering national-scale credit and ESG ratings on the same |ru| regulatory regime and competing head-to-head with NRA for rated issuance mandates.
• Expert RA: One of Russia's largest domestic credit rating agencies, directly competing with NRA on credit, non-credit and ESG ratings for Russian financial institutions, corporates and regional governments under the same Bank of Russia regulatory framework.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ra_national
• Facebookfacebook.com/ra.national
• LinkedInlinkedin.com/company/national-rating-agency

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Rating Agency