S&P Upgraded Veles Capital's Credit Rating
OREANDA-NEWS. International rating agency Standard&Poor's upgraded Veles Capital's credit rating to “B+/ruA” with stable forecast.
Among positive factors contributed to rating upgrade S&P experts pointed out improved business diversification. According to agency's analysts, Veles Capital's strong positions in main business segments together with lower risk appetite than the average for Russian brokers improve the company's resistance to adverse market conditions.
“Veles Capital has reported resilient profitability, supported by gradual diversification of its businesses. The group has maintained a low risk appetite, as its strong capitalization and liquidity illustrate. - reported S&P analysts.
“Rating upgrade confirms the effectiveness of Veles Capital's strategy and conservative risk management. Low-risk instruments with predictable profitability are very popular in nowadays market conditions when both corporate and individual investors have strong demand to long-term mechanism of capital saving”, - said Alexey Gnedovskiy, Veles Capital's CEO.
Veles Capital operates on the Russian financial market since 1995 rendering investment services on equity markets for large corporate and private investors. The company has been rated by S&P since 2006. Today Veles Capital group unites investment companies in Russia, Ukraine and Cyprus; Veles Management and VELES TRUST Asset Management companies; Veles Capital Investment Group, specializing on private equity and M&A consulting; Veles Development company (real estate investments).
Standard & Poor's as a part of The McGraw-Hill Companies is the acknowledged leader in credit rating analysis. S&P operates in 23 countries holding leading market positions and giving investors the independent indicators for decision making proses.