OREANDA-NEWS. On 30 June 2008 Standard & Poor's Ratings Services said that it had raised its long-term counterparty credit rating on Russian securities firm Veles Capital Investment Company LLC (Veles Capita IC)  and affirmed the short-term 'C' rating. The outlook is stable. At the same time, the Russia national scale rating was raised to 'ruBBB' from 'ruBB-'.

Among the positive factors which lead to rating upgrade analytics of Standard & Poor’s pointed out: long-term positive history, leading positions on promissory notes market, stable and professional management team. Agency’s experts said they expect Veles Capital IC to maintain its strategy, focusing on its core competencies in securities trading and brokerage.

S&P analytic Evgeniy Tarsimanov said that ratings reflect the risks of operating on the volatile Russian market. He also said ratings may be upgraded if Veles Capital’s financial results will remain positive and the company will improve risk-management function. "An upgrade might also follow a material capital increase, which could better protect the company in a volatile market environment", - added Mr. Tarsinanov

Veles Capital IC has been operating on the Russian financial market since 1995 and is rated in the TOP 10 amongst largest Russian investment companies on total turnover of securities (2,6 trillion RUR (\\$106 billion) in 2007). The company renders trust management services, brokerage services on Russian and foreign markets, corporate finance, fund raising via  promissory notes, bonds, Eurobonds, CLN, synthetic financial products.  According to Kommersant publishing house ratings in 2006 and 2007 H1 Veles Capital IC is No 1 on the promissory notes market (turnover on promissory notes market in 2007 formed about 1,3 trillion RUR (about \\$53 billion)), in TOP-3 amongst bond market operators (turnover in 2007 – exceeded 1 trillion RUR (\\$43,5 billion) and TOP 20 amongst stock market operators.