S&P ups Ingosstrakh view to stable

Standard & Poor's said it revised the outlook on Ingosstrakh Insurance Co. to stable from negative, and affirmed its BBB- long-term counterparty credit and insurer financial strength ratings and ruAA+ Russia national scale rating.

The outlook revision reflects a view that the contingent liability of Ingosstrakh's stake in Bank Soyuz has reduced, owing to Bank Soyuz's improved stand-alone credit profile, S&P said.

Although the agency said it regards Ingosstrakh's stake in Bank Soyuz as an ongoing risk, it no longer presents a significant threat to Ingosstrakh's creditworthiness in the near term.

The ratings continue to reflect the management team's positive track record and the company's good competitive position in the Russian Federation, S&P said.

These strengths are offset by still high industry and country risks, the agency said, Ingosstrakh's large exposure to Bank Souyz and marginal capitalization.

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