OREANDA-NEWS. National Rating Agency has affirmed its 'AA' reliability rating on VELES Asset Management LLC (VELES AM). On June 13, 2007, the company received NRA's  'A+' reliability rating, which was raised to 'AA-' on Apr. 9, 2012. On Apr. 11, 2014, the rating was upgraded to 'AA' and affirmed at this level on July 30, 2014.

We view positively VELES AM's highly supportive owners and efficient management team with a considerable experience in investment management, as well as the close interaction and synergy of Veles Capital Group member companies.

The rating continues to be constrained by the low diversification of the company's asset management business and high investment risks associated with VELES AM's exposure to the real estate sector.