22.05.2015, 17:15
RusRating assigns credit rating to VF Services LLC
OREANDA-NEWS. RusRating has assigned a credit rating to VF Services LLC (Moscow). The rating is "BB" on the international scale and "BBB+" on the national scale, in both cases with a stable outlook.
The rating 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, the risk of a decline in business activity, and risks associated with reduced foreign travel by Russians.
About the Company
VF Services LLC provides visa outsourcing services in Russia and its service centres in 29 cities across Russia work with 22 foreign consulates. It is a domestic market leader in this area and as a subsidiary of VF Worldwide Holdings Ltd – a global leader in visa outsourcing – operates under the VFS Global brand. VFS Global is controlled in turn by Switzerland’s Kuoni Travel Group, one of the largest tour operators in Europe.
The Company has no financial 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.
The rating 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, the risk of a decline in business activity, and risks associated with reduced foreign travel by Russians.
About the Company
VF Services LLC provides visa outsourcing services in Russia and its service centres in 29 cities across Russia work with 22 foreign consulates. It is a domestic market leader in this area and as a subsidiary of VF Worldwide Holdings Ltd – a global leader in visa outsourcing – operates under the VFS Global brand. VFS Global is controlled in turn by Switzerland’s Kuoni Travel Group, one of the largest tour operators in Europe.
The Company has no financial 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.
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