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. (Moscow Re) to B+ from B.

The outlook is stable.

At the same time, S&P said it raised its Russia national-scale rating on Moscow Re to A+(ru) from A-(ru).

The upgrade reflects Moscow Re's improved capitalization and quality of investments, S&P noted, adding the ratings also factor in the high industry risk in the Russian insurance market and the risks associated with implementing the company's growth strategy and meeting its medium-term capital requirements.

These negative factors are partially mitigated by Moscow Re's marginal operating performance, the agency said.

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