OREANDA-NEWS. According to the agency, 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 highly volatile operating cash flows and the Company’s modest size.

VF Services provides visa outsourcing services in Russia and its service centres work with with eighteen foreign consulates in nineteen Russian cities. It is a domestic market leader in this area and as a subsidiary of VFS Global Services Plc, a global visa outsourcing leader, operates under the VFS Global brand. VFS Global is controlled in turn by the Kuoni Group, one of Europe’s largest tour operators.

ZAO RusRating is an independent rating agency accredited by the Ministry of Finance of the Russian Federation. The company was set up in 2001 and is a member of the GlobalRating group. Its primary services are the provision of credit ratings to banks, industrial firms and their debt instruments; it also provides analysis of various aspects of the Russian financial sector.