OREANDA-NEWS. RusRating has raised the credit rating of OOO VF Services from "BBB" to "BBB+" on the national scale. The rating outlook is stable.

The change in rating is based on growing sales and increased operating profitability: over the past 12 months the company's OIBDA margin rose by 15 p.p. to 55.3%.

VF Services' credit rating on the international scale is unchanged at "BB"; the rating outlook has been revised from "positive" to "stable". The change in outlook reflects the company's relatively modest size.

The rating itself is based on the company's leading position in the market for visa outsourcing services in Russia, a high operating margin, the absence of debt and its owners' substantial scope to provide support.

Constraining factors include the Company's modest size.

VF Services provides visa outsourcing services in Russia and its service centres work with twenty-one foreign consulates in twenty-four Russian cities. It is a domestic market leader in this area and as a subsidiary of VFS Global Services Plc, a top global visa outsourcing firm, operates under the VFS Global brand. VFS Global is controlled in turn by the Kuoni Group, one of Europe's largest tour operators.

The Company has no external debt. Its operating margin is high and operating cash flow is volatile. Cash and accounts receivable account for the bulk of assets. Risk sensitivity is low. Liquidity is sufficient.