7 February 2010
International Rating Agency Standard & Poor’s (S&P) confirmed NFC’s ratings: «ruBBB-» on the Russian scale and «B-» long-term counterparty credit rating on international scale.
The positive impact on NFC’s current ratings have such factors as strong position on the market, clearly focused strategy in the current environment allowing to expect that NFC won’t lose its strong positions on key business criteria. Rating Agency also pointed out such NFC advantage as the company’s rigid position in respect of credit risk and risk of fraud management. In 2009 NFC carried out a number of arrangements aimed at the decrease of possible losses, due to the deterioration of payment discipline of factoring companies Clients. NFC’s risk management system was audited by PricewaterhouseCoopers back in 2007. Then in the course of the project the practice used by NFC was compared to the best world practice contained in the data base of PwC Global Best Practices. The auditors concluded that the processes comply with international best practices. Another positive factor to confirm NFC’s ratings became the level of capitalization calculated by S&P's.
S&P also noted that NFC’s ratings depend on system risks of the Russian Federation. However, according to the Standard & Poor’s current ratings of NFC were also affected by internal reasons, in particular by the low diversification of the short-term funding base.
