OREANDA-NEWS. Expert RA Rating Agency (RAEX) downgraded International Centre of Financial Operations company long-term creditworthiness rating from A to B++ ("Acceptable level of creditworthiness"). The rating outlook is "stable", which means the likelihood of mid-term rating stability is high. Previously the Company had credit rating A ("High level of creditworthiness"), the third sub-level, stable outlook.

The rating was positively influenced by high liquidity ratios, high level of financial information disclosure, high indicators of business activity, low share of accounts receivable in the asset structure and absence of overdue debts in the structure of accounts payable.

Medium high level of debt burden, business loss ratio following the results of 2013, low level of diversification of activity as well as impossibility to evaluate positively reliability of the insurance company were highlighted among rating restraining factors.

Expert RA is Russian rating agency working on a global scale, incorporated in 1997 by Expert magazine. Expert RA is a true market leader in ratings and survey-communication activity.

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