S&P confirms Veles Capital credit rating at the level BB-/B with stable outlook

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The international rating agency Standard & Poor’s confirmed credit rating of Veles Capital at the level BB-/B with stable outlook.

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 to BB-/B level.

The current rating was assigned in December 2014 and confirmed many times due to "very high level of earnings and capitalization", according to S&P experts conclusion.

In 2017 Veles Capital credit rating outlook was revised because of improvement of operating conditions in Russian financial markets.

"We expect that Investment Veles Capital LLC will maintain a material market position in fixed-income securities' trading, which will support stability of its operating revenues", noted in S&P press-release. "The stable outlook reflects that we believe that Veles Capital will maintain its solid capital position, high liquidity buffers, and low risk appetite".

Veles Capital is one of the oldest investment companies in Russia. It has been founded in 1995 and managed by Dmitry Bugaenko and Alexei Gnedovsky. Veles Capital is one of the few Russian investment companies obtaining an international credit rating.The company has also a national credit rating by the Expert RA agency at the level of RuA+ with a stable outlook.

By the end of 2017, the company entered top-10 of Moscow Exchange operators with client deals turnover exceeding 4,7 trillion rubles. The overall turnover of securities amounted to 13 trillion rubles in 2017.