OREANDA-NEWS. National Rating Agency has affirmed its national scale ‘AA-’ reliability rating on Nord-Capital LLC (NC). The outlook for the rating is Stable. NC was assigned NRA’s first-time reliability rating of ‘A+’ on Dec. 7, 2011. The rating was raised to ‘AA-’ on Dec. 12, 2012 and affirmed at this level each consecutive year. The latest rating affirmation dates Feb. 25, 2015.

NRA views positively the company’s growing assets and business turnover, as well as the considerable increase in NC’s net income for 3Q 2015. NRA notes the company’s considerable experience in the stock market (NC is one of the leading players in the Moscow Exchange’s options and futures market). The rating also benefits from NC’s affiliation with an international investment group, the company’s strong risk management practices and advanced level of business process automation, both consistent with its business profile and scale.

The rating is constrained by the company’s limited customer base, modest profitability and the absence of audited consolidated financials at the group level. Other risks include NC’s overexposure to related counterparties, and the 2.3x increase in its borrowings since the beginning of 2015.

NRA’s analytical products, including ratings and the contents of this press release, are statements of NRA’s independent opinion as of the date they are expressed and not statements of fact or recommendations to make any investment decisions or conduct any stock market transactions. NRA is not responsible for any results obtained from the use of opinions and/or information contained in this press release.

While NRA has obtained information from sources it believes to be reliable, NRA does not guarantee that this information is perfectly correct, complete and accurate, as it does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.