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Rating Action:

Moody's changes to stable the outlook on Russian Standard Bank's Caa2 deposit ratings

02 Aug 2018

London, 02 August 2018 -- Moody's Investors Service ("Moody's") has today changed to stable from negative the outlook on Caa2 long-term local- and foreign currency deposit ratings of Russian Standard Bank (RSB) and affirmed these ratings. Concurrently, the rating agency affirmed the bank's Baseline Credit Assessment (BCA) and adjusted BCA of caa2, its long-term and short-term local and foreign currency Counterparty Risk Ratings of Caa1/Not Prime, as well as its Not Prime short-term local and foreign currency deposit ratings. RSB's long-term and short-term Counterparty Risk Assessments (CR Assessments) of Caa1(cr)/Not-Prime(cr) were also affirmed.

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

RATINGS RATIONALE

According to the rating agency, the change of RSB's ratings outlook to stable from negative reflects an improvement of the bank's asset quality and profitability metrics. At the same time, the affirmation of RSB's standalone BCA at caa2, leading to affirmation of all of the bank's other ratings, reflects the persisting weakness of the bank's capital level and its exposure to related parties.

As of 31 March 2018, RSB's problem loans decreased to 16.4% of the bank's gross loan book from 19.7% as of year-end 2016. Credit losses (defined as loan-loss provisions as a percentage of average gross loans) moderated to 4.4% (annualised) in the first quarter of 2018 from 9.7% in 2017 and 11.8% in 2016. Adoption of IFRS 9 resulted in improvement of the coverage of problem loans by loan loss reserves to 111% as of 31 March 2018 from 93% reported at the end of 2017.

In the first quarter of 2018 and in 2017, Russian Standard Bank posted net IFRS income of RUB1.0 billion and RUB2.4 billion, respectively, versus net IFRS loss of RUB33 billion accumulated for the period of 2014-16. The bank's return on average assets (ROAA) improved to 1.3% (annualised) in the first quarter of 2018 from 0.8% in 2017. The main driver behind the improvement is the bank's reducing credit losses. Moody's expects RSB to sustain profitable performance in the next 12 to 18 months, which will alleviate pressure on the bank's capital.

As of 31 March 2018, RSB's tangible common equity, Moody's preferred measure of capitalization, remained negative being pressured by large volume of deferred tax assets, which, in accordance with Moody's methodology, are deductible from capital due to their limited ability to absorb losses. RSB's capital is also affected by the bank's material exposure to related parties, through both lending transactions and investments in fixed-income and equity instruments issued by related and affiliated entities, which in aggregate exceeds the bank's shareholders' equity.

According to rating agency, RSB's funding structure and liquidity position are stable. Over the past three years, the bank's reliance on market finance for funding loans declined significantly, and the market funding sources were substituted by granular deposits from individuals. The bank's loan-to-deposit ratio has been hovering around 60% in 2016-1H2018. In addition, RSB's liquidity buffer adjusted for encumbered assets amounted to 20% of its total banking assets as of 31 March 2018, a comfortable level, taking into account a relatively quick turnover of the bank's retail loan book.

WHAT COULD MOVE THE RATINGS UP / DOWN

RSB's standalone BCA and long-term ratings could be upgraded if the bank makes visible progress in improving its weak capital metrics and reducing its exposure to related parties, while simultaneously improving asset quality and sustaining good profitability metrics and stable funding and liquidity profiles.

RSB's ratings might be downgraded, or the rating outlook might be revised to negative from stable, in case of the bank's failure to sustain the long-term improving trends in its solvency metrics. Any material further increase in related-party exposures may also drive negative rating actions.

LIST OF AFFECTED RATINGS

Affirmations:

..Issuer: Russian Standard Bank

....LT Bank Deposits, Affirmed Caa2, Outlook Changed to Stable from Negative

....ST Bank Deposits, Affirmed NP

....Adjusted Baseline Credit Assessment, Affirmed caa2

....Baseline Credit Assessment, Affirmed caa2

....LT Counterparty Risk Assessment, Affirmed Caa1(cr)

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....LT Counterparty Risk Rating, Affirmed Caa1

....ST Counterparty Risk Rating, Affirmed NP

....Subordinate MTN Program, Affirmed (P)Caa3

....Senior Unsecured MTN Program, Affirmed (P)Caa2

Outlook Actions:

..Issuer: Russian Standard Bank

....Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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

Headquartered in Moscow, Russia, Russian Standard Bank reported -- at 31 March 2018 - total assets of RUB312 billion and total shareholder equity of RUB15 billion, according to its unaudited financial statements prepared under IFRS. The bank's IFRS net profits for the first quarter of 2018 was RUB1.0 billion, and for full-year 2017 - RUB2.4 billion.

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.

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.

Olga Ulyanova
VP - Senior Credit Officer
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.
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