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Rating Action:

MOODY'S UPGRADES TO Baa3/P-3 FROM Ba1/NP AND TO D+ FROM D THE DEPOSIT AND FINANCIAL STRENGTH RATINGS OF MOSCOW NARODNY BANK (UNITED KINGDOM). ALL RATINGS HAVE A STABLE OUTLOOK

01 Sep 2004
MOODY'S UPGRADES TO Baa3/P-3 FROM Ba1/NP AND TO D+ FROM D THE DEPOSIT AND FINANCIAL STRENGTH RATINGS OF MOSCOW NARODNY BANK (UNITED KINGDOM). ALL RATINGS HAVE A STABLE OUTLOOK

London, 01 September 2004 -- Moody's upgraded to Baa3/Prime-3 from Ba1/Not-Prime and to D+ from D the deposit and financial strength ratings of Moscow Narodny Bank. The bank is a UK financial institution regulated by the Financial Services Authority (FSA). All ratings have a stable outlook. The upgrade reflects the improvement in the bank's funding profile in recent years and the maintenance of its good asset quality and more stable earnings.

Moody's said that the Moscow Narodny Bank's funding profile has strengthened as the bank has both lengthened the maturities of its facilities and more generally diversified its funding sources, primarily through syndicated loans and the issuance of medium term notes. As a result the bank is in a stronger position to withstand any possible future deterioration in the Russian market, in which it remains active.

Moscow Narodny Bank's financial fundamentals have improved in recent years, driven by the more stable core profitability and its good asset quality. Moody's noted however that the ratings continue to take into account the relatively high exposure the bank has to Russia (40% of assets as of end-June 2004) and the fact that the bank's profitability will continue to remain heavily influenced by its performance in the Russian market.

Moody's also noted that although Moscow Narodny Bank's ultimate owner, the Central Bank of Russia (CBR), has been and continues to be a supportive parent, its intention to divest its stake brings some uncertainty, however this is not likely to lead to any material change in ownership in the medium term and comfort can also be drawn from the fact that the bank is subject to UK regulation and thus any new owners of more than 10% must satisfy the conditions of the FSA.

The rating agency also commented that it does not expect the ongoing litigation between the Russian Bank of Foreign Trade and both the Central Bank of Russia and Moscow Narodny Bank to lead to a deterioration in the bank's financial fundamentals. Comfort can also be taken from the strong support that the CBR has given Moscow Narodny Bank in the past, including assurances to the FSA.

The following ratings were upgraded:

Moscow Narodny Bank Ltd:

Long-term bank deposits to Baa3 from Ba1

Short-term bank deposits to Prime-3 from Not-prime

Financial strength rating to D+ from D

Moscow Narodny Finance B.V:

Senior debt to Baa3 from Ba1

Moscow Narodny Bank which is incorporated and regulated in the UK is ultimately owned by the Central Bank of Russia which holds 89% of its shares. It is primarily active in the areas of structured trade financing, capital market issues for Russian names, UK leasing and debt trading. Headquartered in London, the bank had total assets of GBP1.03 billion as of end-June 2004.

London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Ross Abercromby
Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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