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Related Issuers
Rating Action:

Moody's Interfax downgrades NSR of Russia's Natixis Bank (ZAO) to Aa3.ru

Global Credit Research - 18 Jun 2012

Action follows the downgrade of parent's ratings

Moscow, June 18, 2012 -- Moody's Interfax Rating Agency (MIRA) has today downgraded to Aa3.ru from Aa2.ru the National Scale Rating (NSR) of Natixis Bank (ZAO), the Russian subsidiary of Natixis, the sixth-largest French banking group.

The downgrade of Natixis Bank (ZAO)'s ratings was prompted by Moody's rating downgrade of the French parent bank Natixis to A2 deposits; BFSR D/ BCA ba2 from Aa3 deposits; BFSR D+/ BCA baa3, which, in turn, reflects Moody's assessment of the weakened capacity of Natixis to provide timely capital and funding support to the Russian subsidiary, in case of need.

Today's rating action on Natixis Bank (ZAO) concludes the review that Moody's Interfax initiated on 21 February 2012, when the ratings were placed on review for downgrade, following a similar rating action on Natixis.

For additional information on bank ratings, please refer to the webpage containing Moody's related announcements http://www.moodys.com/bankratings2012.

Please see ratings tab on the issuer/entity page on moodys.com for information on Global Scale Rating.

RATINGS RATIONALE

The downgrade of Natixis Bank (ZAO)'s NSR to Aa3.ru from Aa2.ru was prompted by Moody's downgrade of Natixis' ratings.

Moody's says that the lowering of Natixis's standalone credit assessment to ba2 from baa3, announced on 15 June 2012, reflects the bank's vulnerability to the weakening operating environment. Under Moody's Joint Default Analysis methodology, the long-term ratings of the Russian subsidiary incorporate uplift from parental support assumptions; the two-notch lowering of Natixis' standalone credit assessment therefore has a direct impact on the ratings of the subsidiary.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's Interfax believes there is little likelihood of any upward movement in Natixis Bank (ZAO)'s rating in the near-term, unless there is a material improvement in the operating environments of the bank's parent group. At the same time, Moody's Interfax notes that downward pressure could be exerted on Natixis Bank (ZAO)'s standalone rating by any material adverse changes in the bank's risk profile, particularly significant impairment of the bank's liquidity position, capitalisation and by any failure to maintain control over its asset quality. In addition, further downward pressure on Natixis' ratings could affect Natixis Bank (ZAO) (Russia)'s NSR.

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012, and Mapping Moody's National Scale Ratings to Global Scale Ratings in March 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Headquartered in Moscow, Russia, Natixis Bank (ZAO) reported total assets of RUB20.5 billion and shareholders' equity of RUB2.3 billion, in accordance with Russian GAAP (unaudited), as at 31 December 2011.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specializes in credit risk analysis in Russia. MIRA is a joint-venture between Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, and the Interfax Information Services Group. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO).

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Lev Dorf
Analyst
Financial Institutions Group
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Yves J Lemay
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Moody's Interfax downgrades NSR of Russia's Natixis Bank (ZAO) to Aa3.ru
No Related Data.

 

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