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Rating Action:

Moody's upgrades Tatfondbank's deposit and debt ratings to B2; outlook stable

25 Jun 2014

London, 25 June 2014 -- Moody's Investors Service has today upgraded Tatfondbank's long-term local- and foreign-currency deposit and debt ratings to B2 from B3. Concurrently, Tatfondbank's standalone bank financial strength rating (BFSR) was upgraded to E+, equivalent to a baseline credit assessment (BCA) of b3, from E (formerly equivalent to caa1). The bank's Not Prime short-term ratings were affirmed. The outlook on the bank's BFSR and its long-term ratings is stable.

Please see the ratings tab on the issuer/entity page on moodys.com for information on the National Scale Rating.

RATINGS RATIONALE

The upgrade of Tatfondbank's ratings is driven by the substantial decrease in non-core banking assets, as well as a reduction in loans concentrations, supported by shareholder's capital injection.

Tatfondbank has reduced investments in non-core banking assets and has conducted the RUB4 billion capital injection in December 2013, which improved the bank's capital buffer. Under Basel II, Tatfondbank's Tier 1 capital adequacy ratio (CAR) amounted to 10.7% and total CAR - 12.7% as of year-end 2013 (2012: 8.3% and 12.8%, respectively), according to bank's audited IFRS statement.

Tatfondbank's investments in risky non-core banking assets (investment property and investments in associates) decreased to RUB5.8 billion (representing 49% of shareholder equity) as of year-end 2013, from RUB15.2 billion (200% of equity) as of year-end 2012 as a result of the disposal of land and real estate mutual fund, thus reducing pressure on capital.

Moody's also observes a declining trend in Tatfondbank's borrowers concentrations driven by development of retail lending, which comprised 27% of total loans at year-end 2013 vs 22% in 2012. The bank's top 20 borrowers decreased to 29% of total loans (215% of equity) at year-end 2013 from 40% of total loans (382% of equity) in 2012 compared to similarly rated peers' average of 264%. Tatfondbank's related-parties loan exposure also declined to 45% of equity as of year-end 2013 vs 76% in 2012, mainly aided by a conducted capital injection.

Moody's believes that the above-mentioned measures have somewhat eased pressure on the bank's capital. However, Tatfondbank's capitalisation remains vulnerable to weak core earnings generation, sustained exposure to related parties and non-core banking assets, and risks of worsening asset quality amid a deteriorating operating environment.

Tatfondbank's profitability is largely underpinned by one-off transactions: gain on disposal of mutual funds amounted to RUB1.4 billion as of year-end 2013, and property revaluation gain amounted to RUB8.2 billion in 2012, which we regard as non-recurrent. At the same time, the bank's core recurring profitability remained low, with net interest margin of 1.8%, which is below the sector average. Core recurrent revenues (net interest income and fees and commissions) do not fully cover operating expenses, thus making the bank reliant on future capital injections from its shareholders.

SUPPORTED RATINGS

Tatfondbank's B2 debt and deposit ratings incorporate Moody's assessment of a low probability of parental support from the government of the Republic of Tatarstan and its related companies, resulting in a one-notch uplift from the bank's BCA of b3. Moody's bases its support assumptions on Tatfondbank's more than 26% indirect ownership by Republic of Tatarstan, a track record of support and the bank's material market share in the Republic of Tatarstan (around 11% market share in deposits).

WHAT COULD MOVE THE RATINGS UP/DOWN

Further ratings upside is limited for the next 12-18 months. Moody's would consider positive rating action in case of significant improvement in Tatfondbank's recurrent profitability, further disposal of non-core banking assets and reduction in related-party exposures, coupled with maintenance of good capital buffer and sound asset quality.

Moody's would consider a negative rating action in case of material erosion of bank's capital base by reported losses, significant worsening of bank's asset quality and/or shortage of liquidity. Signs of weaker ties between the bank and the local government of Tatarstan would also be negative for supported ratings.

PRINCIPAL METHODOLOGIES

The principal methodology used in this rating was Global Banks, published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Domiciled in Kazan, Russia, Tatfondbank reported total assets of RUB122 billion and shareholder equity of RUB11.9 billion as of year-end 2013, under audited IFRS.

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 rating action on the support provider and in relation to each particular 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 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.

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.

Maria Malyukova
Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

Yves J Lemay
MD - Banking
Financial Institutions Group
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Moody's upgrades Tatfondbank's deposit and debt ratings to B2; outlook stable
No Related Data.
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