S&P rates National Factoring credit B-

Standard & Poor's said it assigned a ruBBB Russian national scale rating and B- long-term and C short-term counterparty credit ratings to National Factoring Co.

The outlook is stable.

S&P said the ratings reflect National Factoring's limited customer diversification, relatively high concentration risks, heavy funding dependence on related parties, short operating history as a stand-alone entity and the generally risky operating environment in Russia.

The ratings benefit from the company's leading market position in the domestic factoring sector, high capitalization and profitability and membership in a large diversified financial group.

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