S&P boosts Neftepolis Insurance

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Neftepolis Insurance Co. LLC to B+ from B and its Russia national-scale rating on Neftepolis to A+(ru) from A(ru).

The outlook is stable.

The agency said that the upgrade reflects a considerable improvement in the credit quality of Neftepolis' investment portfolio, adding that the ratings reflect high industry and country risk factors and Neftepolis' weak financial flexibility.

These negatives are mitigated, however, by Neftepolis' marginal and improved quality of investments, solid track record of good operating performance, potentially strong position and ability to go from strength to strength in its oil-related insurance niche and strong management team, S&P said.

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