Standard & Poor's Ratings Services today revised the outlook on the long-term global scale rating on Troika Dialog Group Ltd. to "stable" from "negative" following an increase in equity; raised its Russia national scale rating to "ruA+" from "ruA"; the rating was also removed from CreditWatch with positive implications.
The upgrade of the national scale rating and the outlook revision follow the acquisition by Standard Bank of South Africa Ltd. (SBSA) of a 33% stake in Troika. This transaction has increased Troika's equity by $300 million. Troika received full ownership of SBSA's Russian subsidiary bank ZAO Standard Bank as a minority portion of the payment for the 33% stake. "This broadly improves Troika's creditworthiness, in our opinion, due to the enhanced commercial and financial flexibility resulting from the strategic partnership and ownership by SBSA," said Standard & Poor's credit analyst Elena Romanova.
"The stable outlook balances the negative market pressures in Russia with Troika's enhanced capitalization and the business benefits of Troika's cooperation with SBSA," said Ms. Romanova.
Detailed information about the rating is available on the agency's official Russian-language site:
Information for editors:
TDGL is the ultimate holding company of the Russia-based investment banking group Troika Dialog Group. Founded in 1991, Troika Dialog Group is the leading independent full service investment bank and asset management firm in Russia. The Group's business consists of securities sales and trading, investment banking, private wealth and asset management, retail distribution and alternative investment. Troika Dialog’s operations are located in 24 cities across Russia plus offices in London, New York, Kyiv, Almaty and Nicosia.
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