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Moody’s issued а credit opinion, which confirmed Eurokommerz`s ratings of B2/NP, stable outlook |
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Moody’s Investors Service issued new credit opinion report, which has confirmed the credit ratings assigned to Eurokommerz with a stable outlook. The long term foreign currency rating is B2 on the international scale. In its opinion report Moody`s mentions that the rating was supported by the company`s leading market position and good asset quality along with innovative management, operation technology and sound profitability.
Gregory Karpovsky, CEO of Eurokommerz, said: ”The confirmation of our ratings witnesses the right choice of Eurokommerz`s strategy. In the first half of 2008 the company continued to develop its business processes and revised both risk management and liquidity management policies. These measures allow us to continue stable operations within the changing economic environment.”
Please see the full version of Moody’s report on Eurokommerz`s website
Eurokommerz(www.eurokommerz.com) is a commercial finance company and the largest factoring company in Russia according to Russian rating agency Expert RA. Eurokommerz actively deals with approximately 24,000 companies across Russia, Ukraine and Kazakhstan. Eurokommerz is generally acknowledged as the leader in the Russian factoring business. According to Russian rating agency Expert RA, as of 1 January 2008, Eurokommerz’s market share by the value of accounts receivable was 30.3% and 41.5% by the number of clients.
Eurokommerz operates 55 regional sales offices in Russia, two subsidiaries in Kazakhstan and Ukraine, and has approximately 2,900 independent agents generating initial contacts with potential clients.
The company’s strategic objective is to become a leading commercial finance company in Russia, the CIS and across other emerging markets.
Eurokommerz’s shareholders include the company’s management and the Russia New Growth Fund (managed by Troika Capital Partners), whose investors include the European Bank for Reconstruction and Development (EBRD), Temasek Holdings, Goldman Sachs Asset Management, LGT Capital Partners, AXA Private Equity, Fleming Family & Partners among others. In October 2008 a consortium of investors, including UBS Pactual, Eastgate Capital (member of NCB Group), Fleming Family & Partners, Troika Dialog Group and other institutional investors became the shareholder of the company.
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