Crossword Genius

Statement of principles: firm is in the red (actually, the opposite) (5)

Ross

I believe the answer is:

credo

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'statement of principles' is the definition.
(I've seen this before)

I don't understand the remainder of the clue.

Can you help me to learn more?

(Other definitions for credo that I've seen before include "ideology" , "Dogma" , "Formal statement of beliefs" , "Formal statement of principles" , "Faith - I believe" .)

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