OREANDA-NEWS. June 23, 2015. Fitch Ratings has withdrawn Russia-based JSIC GEFEST's (GEFEST) ratings without affirmation.

Fitch has withdrawn the rating as GEFEST has chosen to stop participating in the rating process. The ratings have not been reviewed as Fitch believes it did not have sufficient information to do this. Accordingly, Fitch will no longer provide ratings or analytical coverage for GEFEST.

Fitch downgraded GEFEST's Insurer Financial Strength (IFS) rating to 'B' from 'B+' and its National IFS rating to 'BBB(rus)' from 'A(rus)' and put the ratings on Rating Watch Negative (RWN) on 06 April 2015. The rating action reflected the risks stemming from the significant weakening of GEFEST's capital and liquidity position resulting from a sharp deterioration in its operating performance, and the breach of the regulatory solvency margin by the insurer and the potential need for capital support.

RATING SENSITIVITIES
Not applicable.

FULL LIST OF RATING ACTIONS
The following ratings have been withdrawn without affirmation:

Insurer Financial Strength: 'B'/RWN
National Insurer Financial Strength: 'BBB(rus)'/RWN