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Announcement:

Moody's maintains review for downgrade on Raiffeisen Bank SA's Ba1 ratings

25 Feb 2015

London, 25 February 2015 -- Moody's Investors Service has today maintained the review for downgrade on Raiffeisen Bank SA's Ba1 long-term deposit and debt ratings, and affirmed the bank's D- standalone bank financial strength rating (BFSR).

The decision to maintain the ratings review follows the conclusion of the review on Raiffeisen Bank's parent, Raiffeisen Bank International AG (RBI) on 18 February 2015, whereby the rating agency downgraded RBI's long-term deposit ratings to Baa2 from Baa1, under review for downgrade, and the BFSR to D- (equivalent to ba3 BCA), from D (ba2), with a negative outlook. For more information on the rating action on RBI, please refer to Moody's press release:

https://www.moodys.com/research/Moodys-downgrades-Raiffeisen-Bank-International-to-Baa2-on-review-for--PR_318455

RATINGS RATIONALE

LONG AND SHORT-TERM DEPOSIT AND DEBT RATINGS

The ongoing review for downgrade of the bank's long-term deposit and debt ratings takes into account the adoption of the Bank Recovery and Resolution Directive (BRRD) in the EU. In particular, this reflects that, with the legislation underlying the new resolution framework now in place and the explicit inclusion of burden-sharing with unsecured creditors as a means of reducing the public cost of bank resolutions, the balance of risk for banks' senior unsecured creditors has shifted to the downside. Although Moody's support assumptions are not reduced for now, the probability has risen that they will be revised downwards to reflect the new framework.

The agency also considers a high expectation of parental support from RBI, given the 99.9% ownership and brand association, which, however, does not lead to notching uplift because Raiffeisen Bank's standalone BFSR is already at the same level as RBI's.

Raiffeisen Bank's long-term deposit and debt ratings of Ba1 benefit from a two-notch uplift from its BCA of ba3. This is based on Moody's assumptions of a high likelihood of government (systemic) support, owing to Raiffeisen Bank's significant presence in the Romanian banking system, evident through its market share in customer loans and deposits of 7.15% and 8.4%, respectively, as of year-end 2013.

STANDALONE BFSR

Moody's affirmed the BFSR of D-, (BCA of ba3), with stable outlook. Raiffeisen Bank's standalone financial strength continues to be supported by (1) adequate funding characterised by a broad base of customer deposits, evidenced by the 85% loan-to-deposit ratio as of year-end 2013; (2) satisfactory capitalisation along with good loss-absorption capacity, with a Tier 1 ratio of 13.1%; and (3) asset quality better than the average in the Romanian banking sector, with a NPL ratio of 8.9%.

While Raiffeisen Bank has relatively limited direct financial linkages with and dependence on RBI, amounting to 0.3% of total assets, and 9.4% of total liabilities, an overall deterioration of RBI could have a negative spill-over impact on the bank's franchise in Romania. Nevertheless, Moody's assessment is that these risks are already incorporated in the ba3 BCA, which is at the same level as the BCA of the parent.

WHAT COULD MOVE THE RATINGS UP/ DOWN

Upward pressure on Raiffeisen Bank's standalone BCA would be conditional on material improvement in the operating environment, leading to stronger asset quality and capital adequacy.

A further downgrade of RBI's standalone rating and/or a reduction in the rating agency's systemic support assumptions could prompt a downgrade of Raiffeisen Bank's deposit and debt ratings. In addition, the bank's ratings could experience downward pressure as a result of substantial weakening in its profitability, erosion of its capital base and/or deterioration in asset quality.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Banks published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Headquartered in Bucharest, Romania Raiffeisen Bank SA had total assets of $8.3 billion as of year-end 2013.

REGULATORY DISCLOSURES

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this 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.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see Moody's Ratings Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the time horizon in which a credit rating action may be after a review or outlook action took place.

Please see the ratings tab on the issuer page on www.moodys.com for the last action and the history of the rating. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com/disclosures for further information.

Please see the ratings disclosure page on www.moodys.com/disclosures for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers.

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.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Armen Lenvelovich Dallakyan
Vice President - Senior Analyst
Financial Institutions Group
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

Yves J Lemay
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

Moody's maintains review for downgrade on Raiffeisen Bank SA's Ba1 ratings
No Related Data.
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