  The model is aimed to discriminate the 'good' and the 'bad' companies in
Russian corporate sector based on their financial statements data based on
Russian Accounting Standards. The data sample consists of 126 Russian public
companies- issuers of Ruble bonds which represent about 36% of total number of
corporate bonds issuers. 25 companies have defaulted on their debt in 2008-2009
which represent around 30% of default cases. No SPV companies were included in
the sample. The model shows in-sample Gini AR about 73% and gives a reasonable
and simple rule of mapping to external ratings. The model can be used to
calculate implied credit rating for Russian companies which many of them don't
have.
