VTB entering Russian factoring market
VTB Group announced their expansion into yet another financial field, saying it will begin buying up struggling firms' accounts receivable as payment arrears across the country skyrocket.
Fitch Ratings has today downgraded the rating on the senior notes issued by Russian Factoring No. 1 S.A. (the issuer) to 'C' from 'B', removed the Rating Watch Negative (RWN), and assigned a Recovery Rating of 'RR6'.
Ilya Pokamestov, General Manager of Factoring Pro, provides his views on the state of the Russian factoring industry and reveals what his expectations are for Russia's future.