Introduction. The research is aimed at developing a project risk rating (PRR) for telecommunications companies. A study of the industry in question was conducted and the need for the use of project controlling and investment controlling was determined. Data and methods. The research used the results of the works of foreign and domestic authors, as well as their own professional experience. The authors used general scientific methods of cognition, such as classification, logical and system analysis, typology and generalization, tabular and graphical methods. The results obtained. The developed Project risk rating (PRR) for telecommunications companies provides a qualitative assessment of the risks of projects with capital expenditures (CAPEX) in order to rank them according to the degree of risk exposure, check their compliance with the company's risk profile and, ultimately, combine projects into an effective portfolio of projects with the lowest risk at a given profitability. The article gives the definition, functions and advantages of investment controlling and presents an abstract model of its main subsystem - project portfolio management, responsible for the formation of an effective portfolio of projects with capital investments. Conclusion. The author's tool is designed to provide portfolio managers with a qualitative risk assessment of components (projects, programs) of the project portfolio. It is also assumed that the proposed PRR assessment will serve as one of the criteria for selecting the best projects or project portfolios among alternative options. Recommendations are given on the use of the coefficients of the PRR indicator system as a basis for the development of benchmarks for the risk monitoring system