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Rating Action:

Moody's affirms B1 ratings of Russia's NBD Bank; outlook stable

13 Mar 2014

London, 13 March 2014 -- Moody's Investors Service has today affirmed the B1 deposit ratings of NBD Bank (Russia). The rating agency has also affirmed the bank's standalone bank financial strength rating (BFSR) of E+, which is equivalent to a baseline credit assessment (BCA) of b1. The bank's Not Prime short-term deposit ratings were also affirmed. All of the bank's long-term ratings carry a stable outlook.

The affirmation of NBD Bank's ratings reflects Moody's assessment of the bank's healthy financial fundamentals, good corporate governance and its niche position as one of the leading SME lenders in the Nizhny Novgorod region. The affirmation also takes into account constraints associated with geographical concentration of the bank's assets and liabilities and its limited market share, which renders the bank's performance vulnerable to shocks in the local economy and intense competition from large federal banks.

Moody's affirmation of the issuer's ratings is primarily based on NBD Bank's unaudited IFRS-based management report for the first nine months of 2013, as well as information received from the bank.

RATINGS RATIONALE

The affirmation of NBD Bank's ratings reflects the bank's (1) entrenched niche franchise in its home market (Nizhny Novgorod) where it has solid positions and accumulated expertise in the SME segment; (2) good corporate governance; (3) healthy financial fundamentals, namely robust profitability, high capital adequacy and adequate asset quality; and (4) granular deposit base and ample liquidity cushion.

NBD Bank benefits from its established positions in the Nizhny Novgorod region, where it ranks third among local banks by total assets and holds 5.5% market share in SME lending. The bank's reputable shareholders (including international financial institutions) ensure adequate corporate governance procedures, and the low level of related-party lending positions the bank favourably compared to peers.

NBD Bank reports sustainably strong profitability (return on average assets of 2.9% in January-September 2013), on the back of its healthy net interest margin (January-September 2013: 6.3%), controlled operating expenses and fairly modest credit costs. Moody's considers that NBD Bank currently has an ample buffer against potential negative credit conditions aided by high capital adequacy ratios (Tier 1 ratio of 16.7%, and total capital ratio of 18.7%), solid recurring earning power (pre-provision income-to-average assets ratio of 4.2%) and good loan provision coverage (loan loss reserves-to-problem loans ratio of 91.8%) as at September 2013.

NBD Bank also benefits from a highly diversified and granular funding base: retail deposits account for about half of the bank's total funding, with the rest equally split between corporate accounts and long-term bilateral loans attracted from international financial institutions. Moody's notes that retail deposits within one single Russian region -- the core source of the bank's funding -- proved to be highly vulnerable against the background of a volatile operating environment. However, the risks associated with the potential volatility of the deposit base are mitigated by (1) a good track record in the liquidity crisis of 2008 and, more recently, the turbulent 4Q 2013 (when a series of bank license withdrawals caused retail deposit volatility at many small banks), and (2) an ample cushion of liquid assets (28% of total assets as of year-end 2013).

The rating agency adds that NBD Bank's ratings remain constrained by the limited geographical diversification of the bank's business (largely confined to a single region of Russia) that -- along with a limited market share -- renders the bank's performance vulnerable to shocks in the local economy and competition from the large federal banks which operate with a lower cost of funding. Furthermore, high single-name concentration renders the bank's capital potentially vulnerable, as rapid deterioration of several of the largest credit exposures may materially undermine the bank's capital profile and profitability.

WHAT COULD MOVE THE RATINGS UP/DOWN

NBD Bank's ratings could be upgraded if the bank significantly strengthens its franchise by improving the geographical diversification of its business and/or gaining market share in Nizhny Novgorod, while maintaining healthy financial fundamentals.

A substantial deterioration of NBD Bank's asset quality, leading to capital erosion, may trigger negative rating actions. The bank's ratings may be also downgraded if the competitive environment negatively affects its profitability metrics.

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.

Domiciled in Nizhny Novgorod, Russia, NBD Bank reported -- as of September 2013 -- total assets of RUB16.3 billion ($505 million), equity of RUB2.8 billion ($85 million) and net income of RUB345 million ($11 million) under unaudited IFRS-based management report.

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.

Svetlana Pavlova
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
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:
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JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms B1 ratings of Russia's NBD Bank; outlook stable
No Related Data.
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