Veles Capital credit rating confirmed by S&P at the level "BB-/B/ruAA –" with negative outlook

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The international rating agency Standard & Poor’s confirmed the long-term credit rating of Veles Capital at the level BB-, the short-term rating was affirmed at the level B and in national currency – at the level ruAA- with negative outlook.

The outlook was kept negative because of the continuing instability on the Russian financial market.

S&P rating has been assigned to Veles Capital for the first time in 2006. During these years the company rating had positive dynamics and rose from CCC/C/ruB- level to BB-/B/ruAA- level. The current rating was assigned in December 2014 and confirmed twice in 2015 due to “very high level of earnings and capitalization”, according to S&P experts conclusion. We consider the capitalization as the most important advantage, especially in the current volatile environment, and as a key differentiating rating factor relative to the other Russian comparable companies", said S&P analysts.

Veles Capital is one of the oldest investment companies in Russia. Its founders and owners Dmitry Bugaenko and Alexey Gnedovsky have been developing investment business and providing its guidance since 1995. Veles Capital is one of the only few Russian investment companies rated by S&P International rating agency.

Standard & Poor’s as a part of The McGraw-Hill Companies is the acknowledged leader in credit rating analysis. S&P operates in 26 countries holding leading market positions and giving investors the independent indicators for decision making process.