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Related Issuers
Rating Action:

Moody's Interfax affirms Kedr Bank's Baa1.ru rating

28 Jun 2013

Moscow, June 28, 2013 -- Moody's Interfax Rating Agency has today affirmed Kedr Bank's Baa1.ru long-term national scale rating (NSR).

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

RATINGS RATIONALE

According to Moody's Interfax, the affirmation of Kedr Bank's NSR reflects the rating agency's expectation that the bank's risk profile will likely remain under pressure over the next 12-18 months because the recent changes in Kedr Bank's ownership could potentially lead to weakening of the bank's corporate governance culture and risk management practices.

In addition, it reflects some weakening of Kedr Bank's franchise, as the bank's loan book has reduced by approximately 15% during Q1 2013, and the continued uncertainty with regard to the bank's strategy and risk appetite following change in ownership.

Moody's Interfax notes that in Q1 2013 Kedr Bank's ownership structure changed for the second time over the past 18 months and the control over the bank was transferred to several individuals associated with Russian Energy Company (ERCO).

Moody's Interfax says that Kedr Bank's ratings remain underpinned by the insignificant level of related-parties lending (4% of Tier 1 capital as at Q1 2013) and the bank's adequate single-borrower concentrations in its loan portfolio (top-20 borrowers accounted for around 2xTier1), which reflects Kedr Bank's historical focus on SME and retail businesses.

In 2012, Kedr Bank's net income increased by 173% to RUB459 million, which translated into return on average assets (RoAA) of around 1.6%. The rating agency says that the bank's profitability was supported by the recent purchase of high-yield retail loans portfolio amounting to RUB2.6 billion (or 11% of gross loan book at year-end 2012) on a recourse basis.

In Moody's Interfax opinion, Kedr Bank's asset quality remains adequate despite some increase in problems loans during Q1 2013. According to the bank's unaudited IFRS report, loans overdue more than 90 days increased to 4.3% as at Q1 2013 from 2.4% at year-end 2012. Over the same period, the bank formed loan loss provisions at 4.2% of gross loan book as at Q1 2013 (year-end 2012: 3.9%) which in Moody's Interfax view provide sufficient coverage of non-performing loans.

Moody's Interfax also notes that Kedr Bank's liquidity position remains supported by its granular retail funding and its adequate level of liquid assets (approximately 26% of total assets as at Q12013). In addition, during 2012-Q1 2013 Kedr Bank strengthened its capital position. As a result, the bank's Tier 1 and Total capital adequacy ratios increased to 11.15% and 15.75%, respectively, in Q1 2013 from 9.89% and 12.7% at year- end 2011.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's Interfax says that an upgrade of Kedr Bank's NSR is not likely in the medium-term

given the negative outlook on the global scale deposit ratings.

Downward pressure could be exerted on Kedr Bank's rating by any material adverse changes in the bank's risk profile, particularly (1) increasing levels of related-party transactions or non-core assets; (2) weakening of the bank's asset quality or liquidity position; and/or (3) any failure to maintain a capital buffer sufficient to absorb losses expected under Moody's scenario analysis.

The principal methodology used in this rating was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Headquartered in Moscow, Russia, Kedr Bank reported audited total (IFRS) assets of RUB31.5billion ($1.0 billion) as of end-December 2012.

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 October 2012 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 certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Lev Dorf
Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

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 affirms Kedr Bank's Baa1.ru rating
No Related Data.
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