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Rating Action:

Moody's Interfax assigns Baa3.ru national scale rating to Obrazovanie Bank

11 Sep 2014

Moscow, September 11, 2014 -- Moody's Interfax Rating Agency has today assigned the national scale long-term deposit rating (NSR) of Baa3.ru to Commercial Bank OBRAZOVANIE (Obrazovanie). The NSRs carry no specific outlooks.

The rating action is based on Obrazovanie's audited IFRS accounts for 2013, 2012 and 2011, statutory accounts as at H1 2014, and information provided by the bank's management.

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

RATINGS RATIONALE

According to Moody's, Obrazovanie's ratings are constrained by the following: (1) the bank's modest capital adequacy; (2) high single-name concentration in corporate loans; (3) anticipated growth in the volume of problem loans; and (4) the bank's potentially vulnerable liquidity profile.

However, these risks are partially offset by (1) Obrazovanie's relatively diversified franchise; (2) anticipated capital injections from shareholders which could help to improve the bank's capital position; and (3) the low level of problem loans to date.

Moody's notes that Obrazovanie's moderate capital buffer (regulatory capital ratio (N1) of around 12% posted as at 1 August 2014) reflects rapid growth of the gross loan book of 41% in 2013 and 54% in 2012, which also led to an increase in the bank's assets (2013: 30% and 2012: 33%). Although the bank's largest borrowers are not concentrated on any particular industry, Moody's identifies further capital pressures caused by high single-name concentration in the bank's corporate loan book, with the top 20 borrowers accounting for over 3.2x the bank's equity capital as of year-end 2013.

The bank's share of problem loans (defined as 90+ days overdue) stood at a very low 0.2% of its gross loan book as at year-end 2013 (2012: 0.3%), but the rating agency anticipates deterioration in this metric in the short-to-medium term. The recent substantial growth in the loan portfolio may require additional provisioning in order to absorb losses, particularly in the small and medium-size enterprises (SME) segment, which is being pressurised by the current adverse economic environment in Russia (Moody's forecasts a 1% GDP contraction in 2014).

Moody's notes that Obrazovanie's liquidity profile reflects its increasingly aggressive liquidity management strategies, which have helped to exploit earning opportunities (e.g., repo borrowings with the Central Bank of Russia and foreign-currency operations with corporate clients). Although the bank's liquidity cushion is currently sufficient to accommodate significant customer outflow, these strategies also add volatility to the bank's liquidity profile.

The aforementioned challenges are partially mitigated by Obrazovanie's franchise which is relatively diversified with a long track record in the corporate/SME segment. This segment dominates the bank's business (as at year-end 2013, corporate loans represented 43% of the gross loan book and SME loans accounted for 55%, with the retail segment accounting for the rest of the loan book). The bank's medium-term strategy aims to maintain its positions in these market segments; the bank's management is not planning any substantial expansion in the retail segment.

Moody's notes that Obrazovanie has decided against pursuing its previous strategy of rapid asset growth, thereby helping to sustain its capital position. The bank's capital cushion will also be supported by anticipated capital injections from shareholders who have declared plans for Tier 1 capital injections up to RUB800 million in 2014-15. The bank's capital will also be partially supported by its internal capital generation, which is, however, modest: its return on assets (ROA) stood at around 1% over past few years. Moody's expects the bank to utilise its new capital in order to maintain modest growth of total assets during 2014-15 and to absorb potential losses stemming both from its high single-name credit concentration and from the SME sector.

WHAT COULD MOVE THE RATINGS UP / DOWN

Moody's says an upgrade of Obrazovanie's Baa3.ru NSR is unlikely in the near term. However, upward pressure could be exerted on the ratings if the bank materially improves its capital buffer and decreases its single-name credit concentration, whilst also achieving sustained improvements in profitability. The rating agency says a downgrade is also unlikely in the near term; however, downward pressure could be exerted on the ratings in the event of (1) any weakening of the bank's liquidity profile; (2) weakening of the bank's asset quality and capitalisation metrics; and (3) a further increase in single-name concentration.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Banks published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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 June 2014 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).

Headquartered in, Moscow, Russia, Commercial Bank "Obrazovanie" reported (audited IFRS) total assets of RUB31.4 billion (approximately $2 billion) and shareholder equity of RUB2.9 billion ($94 million) as at end-December 2014. The bank's net income totalled RUB300 million ($9.5 million) in 2013.

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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Alexander Proklov
Vice President - Senior Analyst
Financial Institutions Group
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Interfax assigns Baa3.ru national scale rating to Obrazovanie Bank
No Related Data.
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