S&P rates First Collection B, ruBBB+

Standard & Poor’s said it assigned a B long-term issuer credit rating and ruBBB+ Russia national scale rating to OJSC First Collection Bureau.

The outlook is negative.

The ratings reflect the company’s exposure to high country- and industry-risks, the challenging and unstable regulatory environment and significant concentrations in the funding base, S&P said.

These weaknesses are partly mitigated by the company’s leading positions in the Russian debt-collection market, the agency said, and adequate cash flow generation capacity compared with peers, the agency said.

The operating environment in Russia is high risk, characterized by the weak rule of law, nontransparent judicial system and underdeveloped legal framework, S&P said.

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