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Related Issuers
Rating Action:

Moody's downgrades Interprombank's long-term ratings to Caa2; concludes review for downgrade

24 Jan 2020

London, 24 January 2020 -- Moody's Investors Service (Moody's) today concluded its review for downgrade on the long-term ratings of Interprombank, JSCB (Interprombank). Moody's has downgraded to Caa2 from Caa1 the bank's long-term ratings. Long-term Counterparty Risk Assessment was also downgraded to Caa2(cr) from Caa1(cr). Following the downgrade, the long-term deposit ratings carry a negative outlook. Moody's also affirmed the bank's ca Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime short-term deposit ratings, Not Prime(cr) short-term Counterparty Risk Assessment (CRA), and Not Prime short-term Counterparty Risk Ratings (CRRs). A full list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

The downgrade of the bank's ratings reflects increased risk for the bank's senior creditors following the ongoing deterioration in liquidity metrics as well as the recent ruling of the Russian arbitrage court on US$55 million financial claims filed against the bank by a third party.

The Russian arbitrage court recently ordered that Interprombank has to repay US$55 million (RUB3.4 billion), i.e. more than a half of the bank's core regulatory Tier 1 capital, to a third party on financial claims where Interprombank is alleged to be a financial guarantor. While Interprombank rejects that it issued any such guarantees and appealed the court ruling, the risk for creditors has, in Moody's view, increased. In case of Interprombank's failure to successfully appeal the court's ruling, its core Tier 1 capital, that stood at 9.99% of risk-weighted assets as of 31 December 2019, would fall below the regulatory minimum, whereas its liquid assets are currently not sufficient to make such payment.

According to the monthly regulatory filings, Interprombank's overdue loans to corporate clients have recently sharply increased, requiring the bank to recognize loan loss reserves and decreasing the bank's regulatory core Tier 1 capital down to RUB6.1 billion as of 1 January 2020 from RUB6.4 billion as of 1 October 2019. Meanwhile, deposit base continued to shrink, requiring Interprombank to deleverage. As of 31 December 2019, highly liquid assets (cash and cash equivalents) stood at just about 3% of total assets.

While high solvency risks have been already captured in the bank's BCA of ca, until recently, risks for depositors and senior creditors were somewhat offset by the structure of the bank's balance sheet with a large volume of equity and subordinated debt. In addition, Moody's also took into account potential support that the bank might receive and was recently receiving from its shareholders whose deposits comprise a large portion of liabilities, underpinning Moody's positioning of the bank's long-term ratings three notches above the bank's Aadjusted BCA of ca. The observed recent negative credit developments increase liquidity risks and, therefore, the potential volume of cash injections required to support the bank. Given the heightened uncertainty regarding further possible injections from the shareholders, Moody's revised downwards its assessment of risk for senior creditors. The persistent negative pressure on the bank that leads to business contraction and weak client confidence, as reflected in the ongoing shrinkage of the deposit base, was also reflected in the negative outlook.

WHAT COULD MOVE THE RATINGS UP/DOWN

Various actions undertaken by the bank's shareholders and management aimed at improving the bank's liquidity and solvency could lead to an upgrade of the bank's BCA and the long-term ratings. The bank's long-term ratings and its BCA could be also upgraded in the event of a significant improvement in liquidity and asset risk.

Interprombank's ratings may be downgraded should the bank fail to stabilize liquidity and solvency, were not able to resolve its litigation favourably, or face adverse regulatory action leading to its closure or inability to service its liabilities on a timely basis.

LIST OF AFFECTED RATINGS

..Issuer: Interprombank, JSCB

Downgrades:

.... Long-term Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

.... Long-term Counterparty Risk Ratings, Downgraded to Caa2 from Caa1

.... Long-term Bank Deposit Ratings, Downgraded to Caa2 from Caa1, Outlook Changed to Negative from Ratings Under Review

Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed ca

.... Baseline Credit Assessment, Affirmed ca

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

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

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

Outlook Action:

....Outlook Changed to Negative from Ratings Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks Methodology published in November 2019. 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, 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.

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.

Semyon Isakov
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.
© 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.

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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