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Announcement:

Moody's rates merged Bank Rossiya at E+/B2/Baa1.ru/Not Prime (Russia)

Global Credit Research - 03 Aug 2010

The outlook on the ratings is stable

Moscow, August 03, 2010 -- Moody's Investors Service has today affirmed the E+ bank financial strength rating (BFSR) and B2 local and foreign currency deposit ratings of Bank Rossiya, which was created on 2 August 2010 following the merger of two Russian financial institutions: Bank Rossiya and Gazenergoprombank (GEPB). Concurrently, Moody's Interfax Rating Agency affirmed the Baa1.ru long-term National Scale Rating (NSR) of the merged Bank Rossiya. Moscow-based Moody's Interfax is majority owned by Moody's. The outlook is stable on all Bank Rossiya's global-scale ratings, while its NSR carries no specific outlook.

Simultaneously, Moody's has downgraded to B2 from Ba3 the local and foreign currency deposit ratings of GEPB, while its BFSR of E+ was affirmed. The downgrade of GEPB's deposit ratings concludes the review initiated on 6 April 2010. Concurrently, Moody's Interfax Rating Agency has downgraded the long-term NSR of GEPB to Baa1.ru from Aa3.ru.Moody's notes that Bank Rossiya's E+ BFSR -- which maps into a B2 Baseline Credit Assessment (BCA) -- is at the same level as that of each of the merged banks before the merger, and is constrained by the relatively high level of single-name concentrations on both sides of its balance sheet, as well as by a high level of related-party exposures. Such weakness in risk-positioning is reflected in the sizable aggregated exposure to two groups of borrowers as of year-end 2009 which exceeded the bank's IFRS standalone shareholders' equity, while its eight largest corporate customers contributed 65% of total customer accounts. Loans to companies controlled by shareholders and management accounted for 62% and 50% of the bank's standalone IFRS shareholder's equity at year-end 2009 and 2008, respectively.

"Although some constraining factors are likely to improve following the merger, such as credit concentration levels, Moody's has yet to obtain sufficient evidence that lower concentration levels will be maintained in the long term," says Semyon Isakov, the lead analyst on the merged bank. "Therefore, post-merger, Bank Rossiya's BFSR remains at E+, mapping to a B2 BCA, the same as the pre-merger ratings of the bank," adds Mr. Isakov.

Moody's adds that despite Gazprom being the ultimate shareholder of the merged Bank Rossiya (with a minority 15.7% stake), the rating agency considers the probability of the parental support currently incorporated into the merged bank's ratings as unlikely given (i) Gazprom's minority stake; (ii) the absence of close oversight; (iii) no alignment of Bank Rossiya's brand with Gazprom's brand; and, particularly (iv) an unclear strategic fit of the merged bank into Gazprom's core business. Therefore, Bank Rossiya's deposit ratings do not incorporate any probability of parental support, and are at the same level as the bank's standalone financial strength rating of B2.

In downgrading GEPB's deposit ratings to B2 from Ba3, Moody's also notes that the ratings no longer benefit from the assumption of parental support by Gazprom, which had been incorporated into the ratings of GEPB before the merger. The affirmation of GEPB's E+ BFSR reflects the fact that the standalone financial strength of the merged Bank Rossiya is at the same level as it was for GEPB before the merger.

The E+/B3/Not Prime ratings of Sobinbank, which was previously a 100% subsidiary of GEPB and has now become a fully-owned subsidiary of the merged bank, were unaffected by the merger. Sobinbank's ratings were based on its standalone financial strength, and did not incorporate any parental support before the merger. Similarly, Moody's does not incorporate any parental support from the merged Bank Rossiya into Sobinbank's ratings, as the latter's strategic fit to its new parent's business is not clear. Moreover, Bank Rossiya has not announced any long-term plans with regard to its stake in Sobinbank or the strategy and branding policies thereon.

Moody's previous rating actions on Bank Rossiya, Gazenergoprombank and Sobinbank were on 6 April 2010, when the rating agency placed the Ba3 long-term local and foreign currency deposit ratings and the Aa3.ru NSR of GEPB on review for possible downgrade. GEPB's E+ BFSR was affirmed with a stable outlook. At the same time, Moody's affirmed the Not Prime short-term deposit ratings of GEPB and changed to stable from positive the outlook on the B3 long-term local and foreign currency deposit ratings of Sobinbank. Sobinbank's E+ BFSR, the Not Prime short-term local and foreign currency deposit ratings, and the Baa2.ru NSR were unaffected by this rating action. The outlook on Sobinbank's BFSR remained stable, and Bank Rossiya's ratings were not affected by that rating action.

The principal methodologies used in rating Bank Rossiya , GEPB and Sobinbank were "Bank Financial Strength Ratings: Global Methodology", February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", March 2007, which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory on Moody's website.

Headquartered in St. Petersburg, Bank Rossiya reported stand-alone total assets of RUB111.9 billion (US$3.7 billion) and shareholders' equity of RUB7.7 billion (US$256 million), in accordance with IFRS as at 31 December 2009.

Headquartered in Moscow, Gazenergoprombank reported IFRS total assets of RUB168 billion (US$5.5 billion) and shareholders' equity of RUB13.5 billion (US$447 million) as at 31 December 2009. GEPB reported IFRS net loss of RUB345 million(US$11.4 million) in 2009.

Headquartered in Moscow, Sobinbank reported IFRS total assets of USD1.8 billion and total shareholders' equity of USD129 million as at 31 December 2009, its IFRS loss for the period then ended totalled IFRS USD102.5 million.

NATIONAL SCALE RATINGS

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Russia are designated by the ".ru" suffix. NSRs differ from global scale ratings, as assigned by Moody's Investors Service, in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country.

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specialises in credit risk analysis in Russia. MIRA is controlled by Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO).

Further information is available at www.moodys.com

Moscow
Semyon Isakov
Asst Vice President - Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Moscow
Yaroslav Sovgyra
VP - Senior Credit Officer
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Moody's Eastern Europe LLC
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

Moody's rates merged Bank Rossiya at E+/B2/Baa1.ru/Not Prime (Russia)
No Related Data.
© 2018 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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