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Related Issuers
Rating Action:

Moody's Interfax downgrades Kedr Bank's National Scale Rating to Baa1.ru from A3.ru

20 Mar 2012

Moscow, March 20, 2012 -- Moody's Interfax has today downgraded Kedr Bank's (Kedr's) long-term National Scale Rating to Baa1.ru from A3.ru. National scale ratings carry no specify outlook.

Moody's assessment is primarily based on Kedr's financial statements for 2010 (audited) -- prepared under IFRS, and (unaudited) Russian GAAP as at 1 March 2012.

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

RATINGS RATIONALE

The rating action reflects Moody's concerns that recent changes in ownership could lead to weakening corporate governance culture and subsequently to deterioration of the bank's risk profile over the medium term.

Moody's understands that under the new shareholders and the newly appointed management team, Kedr is planning to implement a new strategy of developing its retail business. This could significantly increase provisioning costs and, in turn, exert adverse pressure on Kedr's capitalisation. Moody's also notes that an increase in related-party transactions or non-core business from the current low level would be considered as a negative rating driver.

Moody's cautions that Kedr's capitalisation is relatively low compared to domestic peer banks. Its total capital adequacy ratio ("N1") of 11.90% as of 1 March 2012 was slightly above the 10% minimum regulatory requirement. The bank's capitalisation is solely supported by its retained earnings, which are insufficient to absorb potential credit losses. Moreover, Kedr's credit risk profile is pressured by the high level of single-name concentration, which accounted for approximately 200% of its capital for the top 20 borrowers at YE2011.

Over the medium term, Moody's believes the key rating constraints will be the low level of Kedr's capital cushion, coupled with the limited track record of new shareholders' ability to inject capital as well as the uncertainty of the bank's long-term strategy following the changes in ownership.

At the same time, Moody's notes that Kedr's liquidity position is supported by its granular retail funding and its adequate level of liquid assets (approximately 30% of total assets as at YE2011).

Moody's says that the negative outlook on Kedr's B2 ratings could be changed to stable if the bank demonstrates an ability to sustain its current risk profile and maintains satisfactory assets quality and capital levels.

Downward pressure could be exerted on Kedr's ratings by any material adverse changes in the bank's risk profile, particularly an increasing level of related-party transactions or concentration levels in its loan book, significant impairment of the bank's liquidity position, and any failure to maintain control over its asset quality.

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: A Refined Methodology published in March 2007, and Mapping Moody's National Scale Ratings to Global Scale Ratings published in March 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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 Implementation Guidance 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, parties not 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.

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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 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 Kedr Bank's National Scale Rating to Baa1.ru from A3.ru
No Related Data.
© 2021 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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​
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