OREANDA-NEWS. January 14, 2013. Rating agency "Expert RA Kazakhstan" has affirmed the reliability rating of JSC "APF "RESPUBLIKA" at level А "High level of reliability", reported the press-centre of KASE.

Positive factors are the low level of investment portfolio risk (as of November 1, 2012 risk-weighted asset value/current value of pension assets=43.46%), high level of capital adequacy (as of November 1, 2012 K1=0.063), an increase in the Fund's equity (equity in 2012 rose by 24%), as well as the high stability of investment portfolio.

A restricting influence on the rating was made by the negative balance of pension accumulations transfers (the negative balance of transfers over 10 months of 2012 made up KZT3.8 bn), relatively low rate of growth of pension assets (increase in accumulations during the year (as of November 1, 2012) made up 9.8%), the Fund's losses (in the 3rd quarter - KZT45.5 m), and the outflow of clients (over 10 months the outflow of clients made up 2.9%).

"Restricting factors are also the structure and liquidity of the investment portfolio. Absence of positive trends in future can be the reason for a downgrade", - says expert of "Expert RA Kazakhstan" Vasiliy Kalabin.

APF "RESPUBLIKA" was established in 2007, it operates across the country. According to FSC as of November 1, 2012 the Fund's pension assets made up KZT77.1 bn, pension assets based on 10 month results - KZT10.7 bn, equity - KZT2.2 bn.