SUMMARY
The paper presents the results of a statistical study of the formation of a corporate credit rating, with regard to the sovereign rating. The research is based on the data from 19 non–financial companies in Russia’s leading industries for 2014–2018. It is shown that the sovereign credit rating, despite the relaxation of the sovereign “ceiling” rule by Fitch, Moody’s and S&P rating agencies in 1997, remains closely correlated to the risk level of Russian companies. The obtained results related to macroeconomic and idiosyncratic risk indicators denote the peculiarities of credit rating formation for Russian companies. In particular, in contrast to the results of similar studies, it reveals the negative effect of certain profitability and liquidity variables, as well as the country’s foreign trade turnover on the corporate rating. It also demonstrates that acredit rating has a “short memory” – its current value is historically determined only by the level in the previous period.This paper is of practical relevance for private and institutional investors and lenders that use credit ratings to form their own perception of the default risk level in the corporate sector.