The U.S. investment bank Lehman Brothers will begin July 1 to take into consideration ratings assigned by Fitch, along with those by Moody's and Standard & Poor's, in determining its indices of state and corporate bonds, and prices for Russian Eurobonds surged on the Monday announcement.
Under Lehman Brothers' new classification method, securities will receive "the middle rating from the three agencies. This approach implies that two out of the three agencies need to rate the security investment-grade for the security to be eligible for Lehman Brothers Investment-Grade Aggregate indices," a Lehman Brothers press release says.
Russia's Eurobonds carry investment-grade ratings from Moody's and Fitch. A spokesman for MDM Bank said they "will now be traded at the level of countries and issues that have investment ratings."
Source: Interfax
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