The credit rating of Financial Consulting LLC (hereinafter, FC, or the Company) is based on the adequate assessment of the business profile and the strong assessment of capital adequacy, which are positive for the credit rating. The assessments of risk profile and funding and liquidity have a limited negative impact on the credit rating.
FC is an operating company of BCS Holding LLC (hereinafter, the Group). The Company is mainly focuses on servicing the clients of BCS Company LLC (hereinafter, BCS), including direct and reverse repurchase transactions when transferring client margin positions to next day, as well as acting as a counterparty in executing OTC orders from BCS’s clients, participating in derivative transactions, and etc.
KEY ASSESSMENT FACTORS
The adequate assessment of the business profile (bbb+) reflects primarily the relatively large amount of FC’s equity, which exceeded RUB 30 bln as of the end of 2025 (while the amount of BCS’s equity was about RUB 17 bln).
The Company’s operating income mainly comes from reverse repurchase transactions, while the concentration on this source is assessed by ACRA as acceptable (taking into account interest expenses on direct repurchase transactions, the share of this source, according to ACRA’s estimate, is less than 50% of total revenue).
ACRA notes that the operating income is largely generated by transactions with BCS; however, in the context of the Company’s business profile, the Agency does not view such concentration as an additional risk factor, given that both companies form a single system for transacting in the financial market.
At the same time, the Agency notes increased volatility in the Company’s operating income, which is partly due to the large volume of transactions in securities, including equity securities.
ACRA expects that the development of FC will be part of the development of BCS, whose strategy, in particular, is to gradually increase client transactions.
The strong assessment of capital adequacy is primarily based on the high capital adequacy ratio (CAR), which, as per the Methodology for Assigning Credit Ratings to Financial Corporations under the National Scale for the Russian Federation, is defined as the ratio of the Company’s equity to assets less cash, amounts due under reverse repurchase transactions, and cash deposited for no more than one month with credit institutions whose creditworthiness estimate is AA+(RU) or higher. The CAR was about 23% at the end of 2025. ACRA also notes the high values of BCS’s capital adequacy standard significantly exceeding regulatory requirements, and therefore the Agency considers the likelihood of their breach to be low, which could also affect the stability of FC’s operations. ACRA also considers the probability of capital redistribution in favor of other companies of the Group to be low.
ACRA notes the Company’s high capital generation capacity, despite significant net profit volatility and losses in certain periods. The return-on-equity (ROE) for 2021–2025 is about 23%.
ACRA notes the generally high credit quality of FC’s assets. The main volume of assets consists of amounts due under reverse repurchase transactions with related parties. The ultimate counterparties under these transactions are mainly entities with fairly high creditworthiness.
ACRA also notes the Company’s high exposure to market risk, which is mainly due to a large amount of equity securities on FC’s balance sheet (while both equity and debt securities present in the Company’s assets are marked to market). When assessing the market risk, the Agency also takes into account a significant foreign exchange position.
The market risk has a negative impact on the Company’s credit rating.
The Company’s position in liquidity has a neutral impact on the credit rating. In its assessment of the Company’s liquidity position, the Agency takes into account the ratio of assets to liabilities falling due within 90 days. ACRA notes that the coverage of liabilities with the abovementioned maturity by assets of comparable maturity exceeds 100% only to a limited extent, however, the assessment takes into account the possibility of attracting liquidity from related companies. At the same time, ACRA draws attention to the high value of BCS’s short-term liquidity ratio, which as of December 31, 2025 exceeded 300% (with the regulatory minimum of 100%), which, in the Agency’s opinion, determines a low risk of liquidity flowing from the Company to its main counterparty. As a result, ACRA assesses the Company’s liquidity position neutrally.
The overall assessment of the liquidity and funding factor is affected by the increased concentration of liabilities. The Company’s liabilities to its largest client, less counterclaims, exceed 10% of the total liabilities. At the same time, the concentration on liabilities to the ten largest counterparties is assessed by ACRA as acceptable.
ACRA assesses the potential of extraordinary support to FC from related parties as medium, but it does not add additional notches to the Company’s standalone creditworthiness assessment (SCA). This is due to, first, the high dependence of the stability of the related parties’ operations on the stability of the Company’s operations (a decrease in its creditworthiness may pull down the creditworthiness of the Group companies); second, the larger scale of the Company’s operations relative to the scale of other Group companies, which limits the ability of the latter to provide support without affecting their own creditworthiness; third, the exposure of FC and other Group companies to the general risks of the operating environment.
key assumptions
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The Company maintaining its current business model in the next 12–18 months.
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Maintaining the high CAR values.
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Maintaining the high credit quality of assets.
potential outlook or rating change factors
The Stable outlook assumes that the credit rating is highly likely to stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Lower volume of accepted market risk;
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Lower share of liabilities to the largest counterparties;
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Significantly higher ability of the Group companies to provide extraordinary support.
A negative rating action may be prompted by:
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Worse capital adequacy/liquidity metrics;
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Lower ROE;
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Worse credit quality of assets;
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Higher concentration of credit-related assets.
rating components
SCA: bbb+.
issue ratings
No outstanding issues have been rated.
regulatory disclosure
The credit rating has been assigned to Financial Consulting LLC based on the following methodologies: the Methodology for Assigning Credit Ratings to Financial Corporations under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of Financial Consulting LLC under the national scale for the Russian Federation; the Methodology for Assigning Credit Ratings with External Support to assess factors of external influence; the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
The credit rating assigned to Financial Consulting LLC under the national scale for the Russian Federation has been published for the first time.
The credit rating and its outlook are expected to be revised within one year.
The credit rating is assigned based on data provided by Financial Consulting LLC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the RAS accounting statements of Financial Consulting LLC as of December 31, 2025.
The credit rating is solicited, and Financial Consulting LLC participated in its assignment.
Disclosure of deviations from the methodologies. When assessing the rated entity’s ability to generate capital, in order to account for the high volatility of financial results, the return on equity was calculated as the ratio of profit to equity averaged for 2021–2025, which is a deviation from the Methodology for Assigning Credit Ratings to Financial Corporations under the National Scale for the Russian Federation.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to Financial Consulting LLC during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
