Terms of Use of the website

The whole website content is protected by copyright and related rights.

  1. The content of this website (including the ratings, press releases, research studies) is available for personal, educational or research purposes and may be studied, copied, saved as computer files, printed out, or cited, as long as it is for personal non-commercial use and is not directly related to profit making. In this case, the user is obliged to provide a reference to the source (AK&M Rating Agency's website). Web citation requires an active hyperlink to the AK&M Rating Agency website.
  2. The information provided on the website shall not be used for profit making purposes without prior written consent of CJSC AK&M Rating Agency.
  3. The information used shall not be modified in any way, except for a text reduction as necessary.
  4. Subject to the applicable laws, a violation of the above terms and conditions may result in a claim for damages incurred and/or other legal actions as provided by Russia's legislation.



Disclaimer of Liability


  1. The ratings and research materials are only provided, and should only be considered as statements of the Provider's opinion. They are not statements of fact or recommendations to purchase, hold or sell securities or assets, or to make any investment decisions.
  2. CJSC AK&M Rating Agency's opinions are based on the data acquired from information sources it deems to be reliable; however, the agency does not check the underlying data exhaustively and shall not be held liable for any input data errors.
  3. CJSC AK&M Rating Agency shall not be held liable for any consequences, interpretations, inferences, recommendations and other actions directly or indirectly related to the use of the website content.