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Rating Action:

Moody's assigns Counterparty Risk Ratings to 53 Russian banks

26 Jun 2018

Ratings are assigned following 6 June 2018 update to Moody's Banks rating methodology

London, 26 June 2018 -- Moody's Investors Service, ("Moody's") today assigned Counterparty Risk Ratings (CRRs) to all 53 rated Russian banks indicated at the end of this press release.

Moody's Counterparty Risk Ratings are opinions of the ability of entities to honour the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

A full list of affected ratings is provided towards the end of this press release.

RATINGS RATIONALE

Moody's said that the CRRs assigned to Russian banks are in line with their Counterparty Risk Assessments (CR Assessment) already outstanding.

Because Moody's considers Russia a jurisdiction with a non-operational resolution regime, in assigning CRRs to the Russian banks subject to this rating action, the rating agency starts with the banks' adjusted Baseline Credit Assessment (BCA) and uses the agency's existing basic Loss Given Failure (LGF) approach; Moody's basic LGF analysis provides one notch of uplift from the banks' adjusted BCAs. This reflects the rating agency's view that CRR liabilities are not likely to default at the same time as the bank fails and will more likely to be preserved in order to minimize banking system contagion, minimize losses and avoid disruption of critical functions. The CRR also incorporates between zero to five notches of uplift for the 14 banks reflecting Moody's assessment of support from central or regional governments in times of need, based on the banks' systemic importance or/and government ownership. The uplifts are in line with those applied to the CR Assessments.

OUTLOOK

CRRs do not carry outlooks.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

An upgrade of Russian banks' CRR over the next 12-18 months could be driven by an upgrade of their standalone BCAs. The banks' BCAs may, in turn, be upgraded following improvements in their solvency metrics (particularly, if level of problem loans were to significantly decrease, and capitalization and profitability were to materially improve) and provided liquidity profiles of these banks will not deteriorate. Also, CRRs of those banks which benefit from government support may come under upwards pressure following upgrade of the sovereign rating of Russia.

The banks' CRRs could be downgraded as a result of a deterioration in their BCAs. The banks' BCAs may come under downwards pressure following a material deterioration in the country's economic environment which will have a bearing on the Russian banks' asset quality, capitalization and profitability. The CRRs of those Russian banks which benefit from government support may be downgraded following downgrade of the sovereign ratings (which is currently unlikely) or due to Moody's re-assessment of the likelihood of government support, which could reduce rating uplift.

LIST OF AFFECTED RATINGS

BANKS BENEFITING FROM GOVERNMENT SUPPORT

Issuer: Sberbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Baa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Prime-3

Issuer: Bank VTB, PJSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Russian Agricultural Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: SME Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: JSC DOM.RF

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Eximbank of Russia

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Gazprombank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not-Prime

Issuer: Bank Otkritie Financial Corporation PJSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not-Prime

Issuer: Novikombank JSCB

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Promsvyazbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Commercial Bank AK BARS, PJSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Credit Bank of Moscow

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Moscow Mortgage Agency

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not-Prime

Issuer: Alfa-Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

OTHER BANKS

Issuer: Commercial Bank Agropromcredit (LLC)

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Autotorgbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Joint Stock Commercial Bank Avangard

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: BystroBank JSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Far Eastern Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Metallinvestbank JSCB

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Metkombank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Petersburg Social Commercial Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Transkapitalbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Bank Uralsky Financial House

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Gazbank JSCB

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Interprombank, JSCB

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: CB Kuban Credit Ltd

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Maritime Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: National Reserve Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: National Standard Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: NK Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Rosdorbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Orient Express Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Vozrozhdenie Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2, placed under review for downgrade

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Bank Uralsib

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Baltinvestbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned B3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Natixis Bank JSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Russian Regional Development Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Center-Invest Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: NBD Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Sovcombank PJSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Absolut Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Bank ZENIT PJSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Bank Saint-Petersburg PJSC

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Credit Europe Bank Ltd.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Evrofinance Mosnarbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Locko-bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: Tinkoff Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Ba3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

Issuer: AO RAIFFEISENBANK

Assignments:

....Long-term Counterparty Risk Rating (Local Currency), assigned Baa2

....Long-term Counterparty Risk Rating (Foreign Currency), assigned Baa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Prime-3

Issuer: DeltaCredit Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Baa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Prime-3

Issuer: JSB Rosbank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Baa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Prime-3

Issuer: Rusfinance Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Baa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Prime-3

Issuer: Russian Standard Bank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), assigned Caa1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), assigned Not Prime

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

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 rating 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.

Vladlen Kuznetsov
Vice President - Senior 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
Client Service: 44 20 7772 5454

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 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
Client Service: 44 20 7772 5454

No Related Data.
© 2018 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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