S&P lifts Moscow Re

Standard & Poor’s said it raised its long-term counterparty credit and insurer financial strength ratings on Moscow Reinsurance Co. to BB- from B+.

At the same time, S&P said it raised the Russia national-scale rating on Moscow Re to ruAA- from ruA+.

The outlook is positive.

The agency said that the upgrade reflects the reduced uncertainties regarding the company's ownership and management team following the acquisition by Insurance Group (not rated), the changes made by the current management team and the improved quality of investments.

The positive outlook reflects the expectation that Moscow Re's competitive position will improve as a result of being part of Metropolitan Insurance Group, S&P noted.

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