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On May 22, 2026, the Board of Directors of the Central Bank of the Russian Federation adopted a decision establishing credit rating levels for secured bonds issued by specialized finance companies in accordance with Instruction 7043-U issued on April 11, 2025. The decision sets minimum credit rating requirements for secured bonds issued by specialized finance companies (excluding those issuing structured bonds) and for senior tranches of bonds where multiple issuances share the same collateral but have different payment priorities. The Central Bank designated two acceptable credit rating levels: "ААА(ru.sf)" on the national rating scale for the structured finance sector established by AKRA (Joint-Stock Company), or "ruААА.sf" on the national rating scale for structured finance instruments established by Expert RA (Joint-Stock Company). The decision specifies which credit rating types from each agency qualify for compliance. AKRA ratings must cover secured bonds backed by rights or claims under credit agreements, loan agreements, or other obligations of small and medium-sized enterprises, assigned using the national structured finance sector rating scale. Expert RA ratings must cover secured bonds backed by rights or claims under credit agreements or loan agreements with small and medium-sized enterprises, as well as bonds secured by rights or claims under credit agreements with individuals backed by vehicle collateral, assigned using the national rating scale for structured finance instruments. The decision became effective upon publication on the Central Bank's official website on June 1, 2026.