Moscow, 26th November 2019: Leading Russian financial services group BCS Financial Group (FG BCS) announced today that S&P Global Ratings affirmed its 'B/B' long- and short-term issuer credit ratings on FG BCS Ltd. This was accompanied by positive outlooks and 'B+/B' long- and short-term issuer credit ratings on FG BCS's operating subsidiaries:
- BrokerCreditService (Cyprus) Ltd.,
- BrokerCreditService Structured Products PLCS
- BCS Prime Brokerage Ltd.
S&Р Global Ratings notes that despite increased competition from large Russian banks and securities firms, BCS has retained its leading position in Russia. The company's geographic expansion of its operations and growth could ultimately lead to a more balanced profile and less volatile operating performance than that of domestic peers.
S&P Global Ratings positively views the firm’s decision to limit its market-sensitive losses through hedges, despite the temporary reduction in profitability, which is likely to recover in 2019. In addition, FG BCS' capital, leverage, and earnings are considered to be strong, reflecting solid capital buffers.
The positive outlook suggests that BCS entities could be upgraded over the next year if the Group continues to demonstrate a balanced risk profile and a more stable performance than its domestic peers.
Roman Lokhov, CEO of BCS Global Markets, commented:
The affirmation of the S&P Global ratings on FG BCS LTD and its subsidiaries reflects the positive assessment of our strategy and conservative approach in risk management in complicated market conditions by the Agency. Our business is continuing to develop in line with our business objectives and strategy. BCS GM and BCS Financial Group continue to deliver positive results and sustainable growth with ongoing investments in franchise. We are looking forward to the end of 2019, which looks positive.
It has recently come to our attention that some individuals in Estonia with whom we have no business relationship have received phone calls from an individual purporting to be a BCS GM employee and soliciting BCS GM investment services and investments. Please note that BCS GM does not maintain an office in Estonia. We also take no action to promote our services in Estonia through phone calls or otherwise. If you ever have any questions of whether a person contacting you is actually an employee of BCS GM, please do not hesitate to contact us at +44 20 7065 2161 or email at email@example.com
We also strongly recommend that you report any such cases to the national police.