OREANDA-NEWS. RusRating has assigned a credit rating to OOO Politeks: “BBB” on the national scale and “BB” on the international scale, in both cases with a stable outlook.

The rating is based on a healthy factoring portfolio with a low overdue payment rate and a high percentage of recourse factoring contracts.

Constraining factors include relatively modest capital and highly concentrated external liabilities (almost all obligations to a single creditor, B&N Bank).

OOO Politeks was set up in 2003 and originally acted as a leasing company. Today its business centres on factoring. The Company works closely with B&N Bank, its main source of funds. Its beneficiary owners have not been identified and officially it is a wholly-owned subsidiary of Pickering Partners Corp., a company registered in the U.K. Virgin Islands.

Capital adequacy is relatively modest. External liabilities consist mainly of loans from B&N Bank. Asset quality is healthy thanks to a good-quality factoring portfolio with a low overdue rate and a high percentage of recourse contracts, but concentration by individual client is elevated. Earnings are satisfactory. Liquidity is sufficient. Overall risk sensitivity is moderate.