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Announcement:

Moody's changes outlook on Banca Intesa's ratings to stable from negative (Russia)

16 Nov 2010

Affirms Aaa.ru national scale rating

Moscow, November 16, 2010 -- Moody's Investors Service has today changed to stable from negative the outlook on D- bank financial strength rating (BFSR) and Baa3 long-term local and foreign currency deposit ratings of Banca Intesa, a subsidiary of Intesa Sanpaolo Group. Banca Intesa's Prime-3 short-term local and foreign currency deposit ratings remain unchanged. Concurrently, Moody's Interfax Rating Agency affirmed Banca Intesa's Aaa.ru long-term national scale rating. National scale ratings carry no specific outlook.

The change in Moody's outlook on the rating is primarily based on pre-merger KMB Bank's audited financial statements for 2009 prepared under IFRS and signed on 18 March 2010 (KMB Bank was renamed to Banca Intesa in January 2010 after its merger with its sister ZAO Banca Intesa), as well as the merged Banca Intesa's unaudited interim condensed financial statements for H1 2010 prepared under IFRS, reviewed by the auditors and signed on 14 September 2010.

RATING RATIONALE

According to Moody's, the rating action reflects Banca Intesa's (i) stabilising asset quality, with 90+ days delinquent loans comprising 11.2% of the gross loan book at H1 2010 (according to management accounts), while the loan loss reserves are adequate at 9.51% as at the same date; (ii) improving profitability, with the bank reporting after-tax profits of USD10.2 million under IFRS for H1 2010 after being loss-making in 2009; and (iii) a total equity to assets ratio of 17.4% at 30 June 2010, which provides a sufficient buffer to absorb potential further losses, should they occur.

The rating agency also notes that although Banca Intesa's liquidity profile has always been characterised by a heavy reliance on parental funding from the Intesa Sanpaolo Group, the share of customer accounts increased to approximately a quarter of total non-equity funding over the past two years, an improvement over the bank's pre-crisis funding structure.

"The merger of Banca Intesa (previously KMB Bank) with its sister bank ZAO Banca Intesa in January 2010 helped to maintain the financial fundamentals of the combined entity at relatively good levels, since ZAO Banca Intesa had benefited from a robust asset quality and thick capital cushion," says Ms. Olga Ulyanova, a Moody's Assistant Vice-President and the lead analyst for Banca Intesa. "Furthermore, the combination of the pre-merger KMB Bank's high-yielding, but more risky, SME portfolio with its sister bank's well-performing, albeit low-margin, corporate loan book introduced better diversification to the merged bank's income streams, bolstering its financial fundamentals during the crisis, while also boding well for the bank's market franchise looking forward," adds Ms. Ulyanova.

Moody's further explains that Banca Intesa's Baa3 long-term deposit ratings incorporate two main elements: (i) Banca Intesa's baseline credit assessment (BCA) of Ba3, which is derived from the bank's D- BFSR; and (ii) the very high probability of support from its parent bank, if needed. These assumptions result in a three-notch uplift of Banca Intesa's supported deposit ratings from its BCA of Ba3.

Moody's last rating action on Banca Intesa was initiated on 26 January 2010 when the rating agency affirmed the bank's Baa3/P-3/ D-/Aaa.ru ratings with negative outlook.

The principal methodologies used in rating Banca Intesa were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Headquartered in Moscow, Russia, Banca Intesa reported IFRS total assets of USD2.34 billion and total equity of USD406.6 million at 30 June 2010. The bank's net IFRS income for the six months ended 30 June 2010 was USD10.2 million. (The half-year data have been recalculated based on the Central Bank of Russia's official exchange rate of 31.1954 RUB/USD established as at 30 June 2010.)

NATIONAL SCALE RATINGS

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 August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specialises in credit risk analysis in Russia. MIRA is controlled by Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO).

Further information is available at www.moodys.com

Moscow
Olga Ulyanova
Asst Vice President - Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

London
Yves Lemay
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Eastern Europe LLC
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

Moody's changes outlook on Banca Intesa's ratings to stable from negative (Russia)
No Related Data.
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