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TEXT-S&P afms ratings on three Cypriot financial institutions
(The following statement was released by the rating agency)
Oct 29 -
-- On Oct. 17, 2012, Standard & Poor's lowered its long-term sovereign credit rating on the Republic of Cyprus to 'B' from 'BB'. The Transfer & Convertibility assessment of Cyprus remains 'AAA'.
-- We have reviewed the ratings on Cyprus-based offshore financial companies that are subsidiaries or holding companies of entities based outside of Cyprus, which are rated above or at the same level as the long-term rating on the Republic of Cyprus (B/Watch Neg/B).
-- We are affirming the long- and short-term counterparty credit ratings on three of these institutions, reflecting their "low" domestic exposure to the Cypriot economy.
-- We will therefore continue to rate these institutions in line with, or in the case of the holding company, one notch lower than, the main parental operating company in their respective groups domiciled outside Cyprus.
Standard & Poor's Ratings Services said today that it has affirmed the ratings on the following Cyprus-based companies:
-- Ronin Europe Ltd. (B/Stable/B)
-- S.L. Capital Services Ltd. (SLCS; B/Stable/B)
-- ABH Financial Ltd. (BB-/Positive/B)
Ronin Europe and SLCS are entities that are located in Cyprus essentially for tax reasons, but do business quasi exclusively with Russian and international clients. ABH Financial is a nonoperating holding company that owns the largest Russian private bank, OJSC Alfa-Bank (BB/Positive/B).
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