Moody's affirms Ingosstrakh Insurance

Moody's Investors Service said it affirmed the Ba2 insurance financial strength rating of Ingosstrakh Insurance Co., Russia and revised the outlook from stable to positive.

The agency said that the company's asset quality improved in 2005 and was expected to improve further next year, noting the improvement is driven by two factors: the upward rating drift in the Russian banking universe and a reallocation of assets from lower-rated to higher-rated banks.

Moody's said one of its key credit concerns for Ingosstrakh has been and remains, the company's large exposure to Soyuz Bank, an affiliated party with relatively low financial strength compared to Russia's leading credit institutions.

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