S&P raises Veles Capital to B

Standard & Poor's said it raised its long-term counterparty credit rating on Veles Capital LLC to B from B- and its short-term counterparty credit rating to B from C.

In addition, the agency said it raised the Russia national scale rating to ruA- from ruBBB. The outlook is stable.

S&P said the upgrade reflects its view of the proven resilience of Veles' business and financial profiles to the challenging operating conditions in Russia. The company has performed adequately in a volatile environment, maintaining adequate financial results, strong capitalization, and a below sector-average risk appetite, the agency said.

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