OREANDA-NEWS. April 2, 2010. S&P Rating Services revised the outlook on the long-term counterparty credit ratings of 14 Russian financial organizations, including only one investment company – Veles Capital from ‘negative” to stable.

The outlook was changed for Veles Capital investment company and 13 banks: Commercial Bank Petrocommerce (OJSC), Ural Bank for Reconstruction and Development, ZAO UniCredit Bank, Surgutneftegasbank, National Factoring Company, West Siberian Commercial Bank, B&N Bank, Aljba Alliance, Rosbank OJSC JSCB, TransCreditBank, BNP PARIBAS ZAO, International Bank of Saint-Petersburg, SOTSGORBANK.

Moreover national scale rating was upgraded for 4 financial organizations – Veles Capital Investment Company, National Factoring Company, International Bank of Saint-Petersburg, SOTSGORBANK.

"The rating action reflects Standard & Poor's view that operating conditions for financial institutions in Russia are gradually stabilizing," said Standard& Poor's credit analyst Ekaterina Trofimova.

"In our opinion, the growth in problem loans has peaked; liquidity has improved and the prospects are brighter for refinancing," Ms. Trofimova said. “In addition, many of the financial institutions that we rate in Russia have enhanced their loss-absorption cushions through provisioning, recent preprovisioning earnings that were higher than we had expected, balance sheet deleveraging, and some capital injections. All these factors, we believe, reduce the probability of further downgrades for most of the financial institutions we rate in Russia” – write the S&P experts in rating review.

Veles Capital investment company has been operating on the Russian financial market since 1995 and is rated amongst TOP-10 of the Russian largest investment companies. The company renders full range of financial services including trust management, brokerage on stock and debt markets, strategic investments, corporate finance, wealth management. Veles Capital is the acknowledged leader of the promissory-notes market and is also rated amongst TOP-10 of the largest bond and stock market operators (Source: RBC.Rating, results 2009). Veles Capital brand unites companies of different spheres: management of collective investments (Veles Management), development and management of real-estate objects (Veles Capital Development), law consulting (Veles Lex), HR-consulting (Veles Personnel), and foreign investment companies in Cyprus and Ukraine.