Fitch lowers Rossiya

Fitch Ratings said it has downgraded Rossiya Insurance Co.'s international insurer financial strength rating to B- from B+ and the national insurer financial strength rating to BB-(rus) from A-(rus).

The ratings remain on rating watch negative.

The agency said that the two-notch downgrade of the International insurer financial strength rating reflects Fitch's elevated concerns over Rossiya's liquidity, the company's future ability to meet claims obligations and the impact of reputational damage following a ruling by Russia's Federal Service of Insurance Regulation on June 4.

Fitch noted that Rossiya's premium income declined 12% in Q109 to RUB1.5 billion and that MTPL accounted for 13% of the total portfolio.

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