OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on the UK-based Dinosaur Merchant Bank Limited (DMBL) due to the lack of information needed to apply the rating methodology in accordance with Clause 5 of Article 122 of Federal Law No. 222-FZ ‘On the Activities of Credit Rating Agencies in the Russian Federation’. The lack of necessary information makes it impossible to assign an exit rating to DMBL. NRA’s first-time credit rating of ‘A’ was assigned to DMBL on Jul. 6, 2015, but as soon as Aug. 7, 2015 it was lowered to ‘BBB+’ (with an indefinite outlook) due to withdrawal of the ‘RS3’ support rating.

DMBL is part of Dinosaur Group Holdings LLC financial group, which is more than 80 percent under control of its ultimate beneficiary Glenn Grossman and his family members. Dinosaur Group is headquartered in New York and London and has presence on five continents, which fact allows it to provide a full range of investment banking services, the main of them being asset management, private banking, brokerage, clearing and consulting.

According to the company’s IFRS financials, its assets and equity totaled around ? 112 million and ? 864.4 thousand respectively as at year-end 2014. NRA notes a small (13%) decrease in the company’s capital in 2014, which was due to DMBL’s additional expenses associated with the opening of new offices in Central Europe. DMBL’s operating income for 2014 was more than ? 12.1 million (vs. ? 5.5 million for 2013). The key drivers of the operating income growth were operations with fixed-income securities and deposit-taking.

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.