S&P rates TD ESOP B+

Standard & Poor's said it assigned B+ long-term and B short-term counterparty credit ratings and a ruA Russia national scale rating to Cayman Islands-based TD ESOP (Cayman) Ltd., the ultimate holding company of the Russia-based Troika Dialog group. The outlook is stable.

The ratings reflect Troika's vulnerability to the risky and concentrated Russian securities markets, as well as the group's limited, albeit quickly expanding, capital base, the agency said.

These factors are partially offset by favorable commercial prospects and improving and diversifying profitability stemming from the group's solid position in equity and fixed-income brokerage, asset management and investment banking. S&P said the group's businesses are supported by a consistent strategy as well as by adequate infrastructure and staff resources.

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