S&P revises TransFin-M to stable

S&P said it revised its outlook on OJSC TransFin-M to stable from negative and affirmed its B long-term counterparty credit rating.

The agency also raised its short-term counterparty credit rating on TransFin-M to B from C and its long-term Russia national scale rating to ruA- from ruBBB+.

“The rating actions reflect our view that despite the continued tough operating environment for leasing companies in Russia, TransFin-M has shown more resilience to adverse market conditions than we initially envisaged,” S&P said in a news release.

“This results from its experienced management; better asset quality than other rated leasing companies, with no nonperforming loans as of Sept. 30, 2016; and continued funding support from its ultimate shareholder.

“Therefore, we now consider that the risk of deterioration of the financial profile, which had underpinned our previously negative outlook on the company, is receding,” the agency added.

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