OREANDA-NEWS. RusRating has changed the outlook on VF Services LLC's credit rating from “stable” to “positive”

According to the agency, the positive outlook reflects steady growth in market positions and consistently healthy earnings.

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 volatile operating cash flows and the Company's modest size.

VF Services LLC provides visa outsourcing services in Russia and its service centres work with twenty-three foreign consulates in twenty-five Russian cities. It is a domestic market leader in this area and as a subsidiary of VF Worldwide Holdings Ltd, Mauritius, a top global visa outsourcing firm, operates under the VFS Global brand.

VF Worldwide Holdings Ltd, Mauritius, is controlled in turn by the Kuoni Group, one of Europe's largest tour operators.

The Company has no external debt. Its operating margin is high and operating cash flow is volatile. Cash and accounts receivable account for the bulk of assets. Risk sensitivity is low. Liquidity is sufficient.

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.