S&P raises Ingosstrakh

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Ingosstrakh Insurance Co. to BBB- from BB+ and affirmed its ruAA+ Russia national-scale rating.

The outlook is stable.

The upgrade reflects a noticeable improvement in Ingosstrakh's investment profile and a positive track record by Ingosstrakh's management team, the agency said, adding that the ratings also reflect progressive strengthening of Ingosstrakh's competitive advantages in The Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2, Russia national-scale rating ruAAA) through intensive growth of its personal lines portfolio and a sustained good level of operating performance.

These strengths are offset, however, by the company's financial flexibility and high industry and country risks, the agency added.

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