Russia's Analytical Credit Rating Agency said May 17 that it closed the deal to acquire Slovakia-based European Rating Agency, becoming its sole shareholder.
With the purchase, ACRA plans to strengthen its international presence and establish its footprint on the European market, the company said. Financial details of the deal were not disclosed.
Established in 2001, the Slovak rating agency rates mainly companies operating in the Slovak market and some other EU countries. ACRA wants to boost ERA's existing franchise and sub-sovereign ratings and to develop new expertise in sovereign and supranational ratings. The Russian agency also plans to invest up to €150,000 into ERA over 18 months to two years, Reuters noted May 16, citing ACRA CEO Ekaterina Trofimova.
Having PAO Sberbank of Russia, VTB Bank (PJSC) and Raiffeisen Bank International AG unit AO Raiffeisenbank among its shareholders, ACRA was set up in 2015 after the top three international rating agencies downgraded Russia following the annexation of Crimea, the newswire noted, adding that Russian companies are required to have ACRA ratings to access state funds.