S&P: Neftepolis on positive watch

Standard & Poor's said it revised its outlook on Neftepolis Insurance Co. LLC to positive from stable, as a result of closer integration with Sogaz Insurance Group, with which the company merged in 2005.

At the same time, S&P said it affirmed its B+ long-term counterparty credit and insurer financial strength ratings and its ruA+ Russia national-scale rating on Neftepolis.

The ratings on Neftepolis reflect the high industry and country risk factors of operating in The Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2, Russia national-scale rating ruAAA) and Neftepolis' weak financial flexibility, the agency said, adding that these negative factors are mitigated, however, by Neftepolis' marginal quality of investments, solid track record of good operating performance, potentially strong competitive position and ability to go from strength to strength in its oil-related insurance niche and strong management team.

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