OREANDA-NEWS. National Rating Agency has lowered its reliability rating and its credit rating on Ursa-Capital LLC to ‘A’ and ‘A-’ respectively.

The rating downgrade reflects the company’s shrinking assets, trading volumes and equity, as well as mutual arrears of Ursa-Capital and its counterparty under a repurchase agreement. According to information available, the failure to complete repo transactions on the Moscow Interbank Currency Exchange (MICEX) was the responsibility of both Ursa-Capital and its counterparty. Currently both parties in the transaction are negotiating the settlement of their financial issues in compliance with MICEX’s rules and the laws of the Russian Federation.

We note that Ursa-Capital is carrying on its business in a usual way. We believe that in the present situation the company’s management is capable to ensure sound decision-making.