Credit rating withdrawal rationale

ACRA has withdrawn its A(RU) credit rating, outlook Stable, of AO UGORIA Insurance Company without its concurrent affirmation in view of the lack of sufficient and updated information on the financial standing and business of the company.

Regulatory disclosure

The credit rating was assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Insurance Organizations on the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating of AO UGORIA Insurance Company was published by ACRA for the first time on July 7, 2020.

The credit rating was assigned based on the data provided by AO UGORIA Insurance Company, information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using the GAAP and IFRS financial statements of AO UGORIA Insurance Company. The credit rating is solicited, and AO UGORIA Insurance Company participated in its assignment.

In assigning the credit ratings, ACRA used only information, the quality and reliability of which was, in ACRA's opinion, appropriate and sufficient to apply the methodologies.

ACRA provided no additional services to AO UGORIA Insurance Company. No conflicts of interest were discovered in the course of credit rating assignment.

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