Ursa Capital's Reliability and Credit Ratings Lowered
OREANDA-NEWS. National Rating Agency has lowered its reliability rating and its credit ratings on Ursa Capital LLC to 'C/C'. The outlook assigned to the ratings is negative.
The rating downgrade and the negative outlook reflect Ursa Capital's failure to perform its obligations under repo agreements, the growing volume of such outstanding liabilities and the company's suspension from trading on the Exchange. On Jan 23, 2015, National Rating Agency lowered its reliability and credit ratings on Ursa Capital to 'A' and 'A-' respectively, in view of the company's shrinking assets, trading volumes and equity, as well as the mutual arrears of Ursa-Capital and its counterparty under a repo agreement.
On Jan 26, 2015, the company defaulted on 11 repos involving RUB302.3 million notes of SB Bank, traded on the Moscow Interbank Currency Exchange (MICEX). According to Ursa Capital's management, the company and its counterparty are negotiating the settlement of their financial issues in compliance with MICEX's rules and the laws of the Russian Federation.