Fitch Downgrades GEFEST to 'B'; Puts on RWN

April 6, 2015 3:42 PM

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(The following statement was released by the rating agency) MOSCOW, April 06 (Fitch) Fitch Ratings has downgraded JSIC GEFEST (Russia)'s (GEFEST) Insurer Financial Strength (IFS) rating to 'B' from 'B+' and its National IFS rating to 'BBB(rus)' from 'A(rus)' and put the ratings on Rating Watch Negative.

KEY RATING DRIVERS The downgrade of the ratings reflects a significant weakening of GEFEST's capital and liquidity position resulting from a sharp deterioration in its operating performance. The RWN takes into account the breach of the regulatory solvency margin by the insurer and the potential need...

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