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Rating Action:

Moody's assigns Counterparty Risk Assessments to 17 Russian banks; affirms ratings of Promsvyazbank

19 Jun 2015

London, 19 June 2015 -- Moody's Investors Service, (Moody's) has today assigned Counterparty Risk Assessments (CR Assessments) to 17 Russian banks. This announcement follows the publication of the rating agency's new bank rating methodology (see "Banks" published on 16 March 2015).

Concurrently, Moody's affirmed the ratings of Promsvyazbank. The outlook on its long-term deposit and senior unsecured debt ratings remains negative. Moody's has also withdrawn, for its own business reasons, the outlook on Promsvyazbank' subordinated debt ratings. Please refer to Moody's Investors Service's Policy for Withdrawal of Credit Ratings available on its website, www.moodys.com.

Please click here to access Moody's new bank rating methodology ("Banks," published on 16 March 2015)

https://www.moodys.com/research/Banks--PBC_179038. A full list of the affected ratings can be found at the end of this press release.

RATINGS RATIONALE

--Promsvyazbank

Moody's has affirmed Promsvyazbank's b1 baseline credit assessment (BCA), B1/Not Prime local and foreign-currency deposit ratings, B1 senior unsecured debt, B2 and B3 (hyb) subordinated debt ratings. The affirmations reflect Promsvyazbank's adequate funding and liquidity profiles; the bank has low exposure to refinancing risk and a sufficient buffer of liquid assets amounting to 20% of total assets as of year-end 2014. The bank's recent and upcoming capital injections will assist the bank to contain the magnitude of the anticipated negative pressure on its capital by year-end 2015. At the same time, the following factors constrain the bank's ratings: (1) challenging credit conditions in Russia that exert pressure on the bank's asset quality, profitability and capital adequacy; (2) heightened credit risk profile, given the sizeable exposure to loans denominated in foreign currency (about 39% of gross loans as of 1 April 2015); and (3) weak Tier 1 capital ratio of 8.0% (as reported under IFRS at year-end 2014).

The B1 deposit and senior unsecured debt ratings are at the same level as the bank's BCA and adjusted BCA, given that the ratings do not incorporate any government support uplift.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The negative outlook on Promsvyazbank' long-term deposit and debt ratings imply that upward rating pressure is limited. The outlook on the long-term ratings could be changed to stable if (1) there are improvements in the operating environment conditions; and/or (2) if the bank improves its profitability and asset-quality metrics, while increasing its capital levels or maintaining them at adequate levels.

Downward rating pressure could emerge if the already unfavorable operating environment in Russia further deteriorates, putting additional pressure on the bank's asset quality, profitability and capital adequacy ratios

---CR ASSESSMENTS

Moody's has also assigned CR Assessments to 17 banks. CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than expected loss and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities.

For Russian banks, the CR Assessment is positioned, prior to government support, one notch above the Adjusted BCA and therefore above senior unsecured and deposit ratings, reflecting Moody's view that its probability of default is lower than that of senior unsecured debt and deposits. Moody's believe that senior obligations represented by the CR Assessment will be more likely preserved in order to limit contagion, minimize losses and avoid disruption of critical functions.

For all mentioned Russian banks CR Assessments do not benefit from any government support, in line with our support assumptions on deposits and senior unsecured debt

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

List of affected ratings

Assignments:

..Issuer: AO Raiffeisenbank

.... Long-term Counterparty Risk Assessment, Assigned Ba1(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Vozrozhdenie Bank

.... Long-term Counterparty Risk Assessment, Assigned Ba3(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Promsvyazbank

.... Long-term Counterparty Risk Assessment, Assigned Ba3(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Rosevrobank

.... Long-term Counterparty Risk Assessment, Assigned Ba3(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: RGS Bank

.... Long-term Counterparty Risk Assessment, Assigned B1 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: International Financial Club

.... Long-term Counterparty Risk Assessment, Assigned B1 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Locko-bank

.... Long-term Counterparty Risk Assessment, Assigned B1 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Vneshprombank

.... Long-term Counterparty Risk Assessment, Assigned B1(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Nota-bank

.... Long-term Counterparty Risk Assessment, Assigned B1(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Bystrobank

.... Long-term Counterparty Risk Assessment, Assigned B1(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: SKB-Bank

.... Long-term Counterparty Risk Assessment, Assigned B1(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: National Reserve Bank

.... Long-term Counterparty Risk Assessment, Assigned B2(cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: National Factoring Company

.... Long-term Counterparty Risk Assessment, Assigned B2 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Bank Uralsky Financial House

.... Long-term Counterparty Risk Assessment, Assigned B2 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Metkombank

.... Long-term Counterparty Risk Assessment, Assigned B2 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: NS Bank

.... Long-term Counterparty Risk Assessment, Assigned B2 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: iMoneyBank

.... Long-term Counterparty Risk Assessment, Assigned B3 (cr)

.... Short-term Counterparty Risk Assessment, Assigned NP(cr)

Affirmations:

..Issuer: Promsvyazbank

.... Adjusted Baseline Credit Assessment, Affirmed b1

.... Baseline Credit Assessment, Affirmed b1

.... Long-term Bank Deposits, Affirmed B1

.... Short-term Bank Deposits, Affirmed NP

.... Long-term Senior Unsecured debt ratings, Affirmed B1

.... Subordinate debt ratings, Affirmed B2/B3(hyb)

.... Senior Unsecured Medium-Term Note Program, Affirmed (P)B1

. Subordinate MTN program, Affirmed (P)B2

.... Other Short-term Program, Affirmed (P)NP

The long-term global-scale deposit and senior unsecured debt ratings carry a negative outlook

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.

The following information supplements Disclosure 10 ("Information Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC Rule 17g-7") in the regulatory disclosures made at the ratings tab on the issuer/entity page on www.moodys.com for each credit rating as indicated:

Moody's was not paid for services other than determining a credit rating in the most recently ended fiscal year by the person(s) that paid Moody's to determine this credit rating.

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

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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

Yves Lemay
MD-Banking & Sovereign
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns Counterparty Risk Assessments to 17 Russian banks; affirms ratings of Promsvyazbank
No Related Data.
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