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Rating Action:

Moody's changes outlooks on ratings of three Societe Generale Russian subsidiaries to stable from negative

21 Feb 2017

London, 21 February 2017 -- Moody's Investors Service has today affirmed the Ba1 long-term global local-currency debt and deposit ratings and Ba2 long-term foreign-currency deposit ratings of JSB Rosbank, DeltaCredit Bank and Rusfinance Bank, all three of which are Russian subsidiaries of Societe Generale (SocGen; A2 stable, baseline credit assessment (BCA) baa2). The rating agency also changed the outlook on these ratings to stable from negative.

Concurrently, Moody's upgraded the baseline credit assessment (BCA) of Rusfinance Bank (RFB) to ba3 from b1 and affirmed the bank's Adjusted BCA at ba1. The BCAs and adjusted BCAs of Rosbank and DeltaCredit Bank affected by today's rating action were affirmed at ba3 and ba1, respectively. The rating agency has also affirmed all three banks' long-term Counterparty Risk Assessment (CR Assessment) of Baa3(cr), short-term CR Assessment of Prime-3(cr) and short-term deposit ratings of Not Prime.

A full list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

The outlooks on the long-term ratings of the financial institutions affected by today's rating action have been changed to stable to reflect Moody's view that the operating conditions for Russia's financial sector are gradually levelling-off, and the pressure on the entities' financial metrics is alleviating.

RUSFINANCE BANK

The upgrade of the bank's BCA to ba3 is driven by RFB's increasingly close integration into SocGen Russia: this benefits the bank's liquidity and funding profile through access to group funding allocated via Rosbank (deposits Ba1/Ba2 stable, BCA ba3), which acts as the asset-and-liability management center for SocGen Russia. The upgrade also takes into account a track record of the bank's sustainable performance amid challenging credit conditions in the Russian car finance market. Despite the shrinkage of domestic car sales and RFB's loan portfolio in 2014-2016, the bank managed to grow its market share, remain profitable, maintain good control over the cost of risk and strengthen its capital position. Moody's believes that RFB is well positioned to benefit from the anticipated car market upturn, as its high capital adequacy (regulatory CAR and Tier 1 ratios of at 16.6% and 14.5%, respectively, as of 1 February 2017) and strong profitability will help it to take advantage of growth opportunities over the next 12-18 months.

DELTACREDIT BANK

Moody's affirmation of DeltaCredit Bank's BCA of ba3 reflects the rating agency's view that the mortgage lender's credit fundamentals have levelled off, while the de-risking of its USD denominated mortgage portfolio is virtually complete. The rating agency has observed asset quality stabilisation over recent quarters and expects positive financial results in the next 12-18 months along with moderate loan book growth. As of Q3 2016, DeltaCredit reported a robust capital cushion, with a Basel I total capital adequacy ratio (CAR) and Tier 1 ratio standing at 27.4% and 24.2% (year-end 2015: 22.3% and 19.7%, respectively). The bank's Ba1 long-term global local-currency (GLC) deposit rating incorporates Moody's assessment of a high probability of support to DeltaCredit from its ultimate controlling shareholder, SocGen.

JSB ROSBANK

The affirmation of JSB Rosbank's BCA at ba3 is driven by improvement in the bank's stand-alone financial metrics amid the stabilized quality of its loan portfolio, robust capitalisation and positive quarterly financial results since Q2 2016. Moody's expects that tight control over operational and credit costs along with further recovery of net interest margin will bring a positive net bottom line result in 2017. As of 1 February 2017, Rosbank (on a standalone basis) reported the regulatory total capital adequacy ratio (N1.0) and Tier 1 ratio (N1.2) at 13.7% and 9.5%, respectively, which exceeded the regulatory thresholds of 8% and 6%, respectively. Being a 100% owned subsidiary of SocGen, Rosbank's Ba1 global local-currency (GLC) deposit ratings benefit from a high probability of support from SocGen.

WHAT COULD MOVE THE RATINGS UP/DOWN

A material and sustainable improvement in the banks' profitability and reduction in problem loans coupled with a stabilisation of Russia's economic growth could result in upward pressure on the banks' stand-alone assessments and supported ratings in the medium term. The rating agency does not expect moves of any of the three banks' ratings either upwards or downwards over its outlook horizon of 12 to 18 months.

The banks' ratings may come under pressure if the country's macroeconomic conditions deteriorate substantially from current levels, although, in Moody's view, the likelihood of this scenario is low. In addition, the entities' supported ratings may be revised downward if the rating agency observes diminishing financial flexibility of the banks' parent, and/or reduced willingness to support these financial institutions.

LIST OF AFFECTED ENTITIES

The following rating actions were taken:

JSB ROSBANK

- BCA was affirmed at ba3;

- Adjusted BCA was affirmed at ba1;

- Long-term LC Deposit rating was affirmed at Ba1, outlook was changed to stable from negative;

- Long-term FC Deposit rating was affirmed at Ba2, outlook was changed to stable from negative;

- Long-term LC Senior Unsecured and Senior Unsecured Bank Credit Facility ratings were affirmed at Ba1, outlook was changed to stable from negative;

- Long-term LC Senior Unsecured MTN program rating was affirmed at (P)Ba1;

- Short-term LC Deposit rating was affirmed at Not Prime

- Short-term FC Deposit rating was affirmed at Not Prime

- Long-term Counterparty Risk Assessment was affirmed at Baa3(cr)

- Short-term Counterparty Risk Assessment was affirmed at Prime-3(cr)

DELTACREDIT BANK

- BCA was affirmed at ba3;

- Adjusted BCA was affirmed at ba1;

- Long-term LC Deposit rating was affirmed at Ba1, outlook was changed to stable from negative;

- Long-term FC Deposit rating was affirmed at Ba2, outlook was changed to stable from negative;

- Long-term LC Senior Unsecured rating was affirmed at Ba1, outlook was changed to stable from negative;

- Long-term LC Senior Secured rating was affirmed at Ba1, outlook was changed to stable from negative;

- Long-term LC BACKED Senior Secured rating was affirmed at Baa3, outlook was changed to stable from negative

- Short-term FC Deposit rating was affirmed at Not Prime

- Long-term Counterparty Risk Assessment was affirmed at Baa3(cr)

- Short-term Counterparty Risk Assessment was affirmed at Prime-3(cr)

RUSFINANCE BANK

- BCA was upgraded to ba3 from b1;

- Adjusted BCA was affirmed at ba1;

- Long-term LC Deposit rating was affirmed at Ba1, outlook was changed to stable from negative;

- Long-term FC Deposit rating was affirmed at Ba2, outlook was changed to stable from negative;

- Long-term LC Senior Unsecured rating was affirmed at Ba1, outlook was changed to stable from negative;

- Short-term LC Deposit rating was affirmed at Not Prime

- Short-term FC Deposit rating was affirmed at Not Prime

- Long-term Counterparty Risk Assessment was affirmed at Baa3(cr)

- Short-term Counterparty Risk Assessment was affirmed at Prime-3(cr)

Outlooks Actions:

Outlooks for the three issuers were changed to stable from negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. 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.

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.

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.

Petr Paklin
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

Nicholas Hill
MD - Banking
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

No Related Data.
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