S&P rates Veles Capital CCC

Standard & Poor's said it assigned CCC long-term and C short-term counterparty credit ratings and a ruB- Russia national scale rating to Veles Capital LLC. The outlook is stable.

S&P said the ratings on Veles reflect its high exposure to the volatile and thinly traded Russian capital markets, poor revenue diversification, low capitalization and weak financial flexibility.

These negative factors are partially mitigated, however, by the company's good franchise on the local veksel (promissory note) market and the improving macroeconomic environment in Russia, the agency said.

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