The international rating agency S&P downgraded ratings of four Russian insurance companies, Sogaz, RESO Garantia, Ingosstrakh, and Insurance Co. Transneft, the agency reported on Friday.
Ratings of Sogaz and Insurance Co. Transneft were lowered to BB+ from BBB-with a stable outlook. S&P downgraded Ingosstrakh from BBB-to BB+ with the negative outlook and RESO Garantia from BB+ to BB with the stable outlook, the agency said.
S&P explains the downgrade in corporate ratings by aggravated economic risks. Ruble weakening against the dollar and the contraction of Russia's economy will add pressure on the insurance companies, the agency said.
S&P at the same time affirmed the rating on Rosgosstrakh at BB-with negative outlook, Soglasie at BB- with stable outlook, and VTB Insurance at BB+ with negative outlook.