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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Rating Action:

Moody's changes the outlooks on Belarus' Belinvestbank and OAO "Sber Bank" to negative

05 Oct 2021

Action follows the change of the outlook on Belarus' B3 sovereign rating to negative

London, 05 October 2021 -- Moody's Investors Service ("Moody's") today changed to negative from stable the outlooks on Belinvestbank's B3 long-term deposit ratings, OAO "Sber Bank's" B2 long-term local-currency (LC) deposit rating and its B3 long-term foreign currency (FC) deposit rating, as well as the two banks' issuer outlooks. All of the banks' ratings and assessments were affirmed.

For a detailed list of ratings affected, please refer to the end of this press release.

RATINGS RATIONALE

The rating actions follow the change of the outlook on Belarus's B3 sovereign rating to negative from stable on 1 October 2021. (Please see "Moody's changes outlook on Belarus to negative; affirms ratings"; https://www.moodys.com/research/--PR_454385). The negative outlooks on the two banks' long-term deposit ratings reflect Moody's expectations that their ratings will likely be downgraded in case of a downgrade of the sovereign rating.

BANK-SPECIFIC FACTORS

-- BELINVESTBANK

Belinvestbank's B3 long-term local and foreign currency deposit ratings incorporate its caa1 Baseline Credit Assessment (BCA) and Moody's assessment of a high probability of government support, which results in a one-notch rating uplift.

Belinvestbank's BCA is constrained by its unstable operating environment, thin core equity capital buffer and substantial dollarisation of deposits amid constrained foreign-currency liquidity. At the same time, it is supported by the bank's ample liquidity buffers, its strong loan-loss reserve coverage of problem loans and the strong linkage of its asset quality to the sovereign creditworthiness.

-- OAO "SBER BANK"

A very high probability of affiliate support from Russia's Sberbank (Baa3 stable, ba1) results in a one-notch uplift of OAO "Sber Bank's" B2 long-term local-currency (LC) deposit rating above its b3 BCA, while the bank's B3 long-term foreign-currency (FC) deposit rating is constrained by the country's FC deposit ceiling of B3. Both LC and FC deposit ratings of the bank are currently positioned at the levels of the respective country ceilings, which are based on the Government of Belarus' B3 (negative) rating. A downgrade of the sovereign rating would likely lead to both ceilings being lowered, and hence it would result in a downgrade of OAO "Sber Bank's" deposit ratings.

OAO "Sber Bank's" b3 BCA is constrained by its operating environment characterised by increased political uncertainty, high external vulnerability and a weak economic outlook; the bank's large stock of problem loans and narrowed net interest margin. Factors underpinning OAO "Sber Bank's" BCA are its solid capital and reserves buffer and access to stable funding sources and the parent's liquidity in case of need.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A positive rating action on the two banks' ratings is currently unlikely, given the negative outlooks. However, the outlooks may be changed to stable, if the sovereign outlook is stabilized and there is no severe deterioration of the banks' standalone credit profiles in the next 12-18 months.

The banks' long-term deposit ratings could be downgraded in case of a downgrade of the sovereign rating, restrictions on payments to customers or severe deterioration in the banks' standalone credit profiles. A significant weakening of the banks' operating environment, their liquidity, asset quality or capital adequacy beyond our current expectations would result in a downgrade of their Baseline Credit Assessments (BCAs).

LIST OF AFFECTED RATINGS

..Issuer: Belinvestbank

Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed caa1

....Baseline Credit Assessment, Affirmed caa1

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

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

....Long-term Counterparty Risk Ratings, Affirmed B3

....Short-term Counterparty Risk Ratings, Affirmed NP

....Short-term Bank Deposit Ratings, Affirmed NP

....Long-term Bank Deposit Ratings, Affirmed B3, Outlook Changed To Negative From Stable

Outlook Action:

....Outlook, Changed To Negative From Stable

..Issuer: OAO ''Sber Bank''

Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed b2

....Baseline Credit Assessment, Affirmed b3

....Short-term Bank Deposit Ratings, Affirmed NP

....Long-term Bank Deposit Rating (Foreign Currency), Affirmed B3, outlook changed to Negative from Stable

....Long-term Bank Deposit Rating (Local Currency), Affirmed B2, outlook changed to Negative from Stable

Outlook Action:

....Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks Methodology published in July 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1269625. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are unsolicited.

a.With Rated Entity or Related Third Party Participation: YES

b.With Access to Internal Documents: NO

c.With Access to Management: YES

For additional information, please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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, CFA
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

Yaroslav Sovgyra, CFA
Associate Managing Director
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.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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