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Monday, 11 August 2014
RusRating has changed the outlook on Sovcombank's credit rating from stable to positive

The rating itself is unchanged at “AA-” on the national scale and “BBB-” on the international scale.

The change in outlook reflects steady growth in market positions coupled with stable financial indicators and acceptable asset quality, the successful integration of GE Money Bank (whose formal merger into Sovcombank is scheduled for completion in October this year) and the proven effectiveness of the Bank’s chosen development strategy.

Monday, 11 August 2014
RusRating has assigned a credit rating to mortgage bonds issued by ZAO Ipotechny Agent “Moskovski”

RusRating has assigned a credit rating to mortgage bonds issued by ZAO Ipotechny Agent “Moskovski”: “BBB-” on the national scale and “BB-” on the international scale, in both cases with a stable outlook.

The rating is based on an established pool of office lessees that generate sufficient revenues to service obligations on the underlying mortgage, plus capitalisation of the remaining revenues at a modest rate of interest sufficient to pay down the loan principal; the high market value of the property collateral; the legal form of the issuing company’s owners (Dutch stichtings that rule out risks to both issuer and bondholders from this source); substantial experience acting as a mortgage bond agent for OOO TMF Rus; and the strong support provided to ZAO Legion Development (the borrower/mortgagor) by its owner.

Friday, 01 August 2014
RusRating confirms the following bank and company credit ratings as of 1st of August 2014

Wednesday, 23 July 2014
RusRating has assigned a credit rating to OOO Politeks: “BBB” on the national scale and “BB” on the international scale, in both cases with a stable outlook

The rating is based on a healthy factoring portfolio with a low overdue payment rate and a high percentage of recourse factoring contracts.

Constraining factors include relatively modest capital and highly concentrated external liabilities (almost all obligations to a single creditor, B&N Bank).


Our Opinion

Wednesday, 06 July 2011

In response to questions from one of our subscribers, RusRating has prepared the following comments on its recent Bank of Moscow report. We believe that other subscribers should also receive this information.

Questions to the agency about the recent change in Bank of Moscow’s rating outlook:

1) What do you mean by "possible application of radical regulatory measures"? We assume you are referring to the announced substantial rescue package for Bank of Moscow.

Tuesday, 05 October 2010
Bank of Moscow under observation

Fitch may cut rating
Following the dismissal of Mayor Yuri Luzhkov Fitch, an international rating agency, added Bank of Moscow to its list of negative outlooks. The agency’s concerns are linked to the bank’s highly concentrated funding base: five major depositors account for 20% of the balance sheet.

Wednesday, 09 June 2010
Risk Management Post Crisis.

Andrei Kozlov repeatedly said that he considered risk managment to be one of the most promising professions in the financial industry. As on many other issues, Andrey Andreevich was a thinker well ahead of his time.

The global crisis was caused by poor risk management and by the very agencies that are supposed to measure risk. Indeed the very companies that were supposed to have the most sophisticated risk management systems in the world and which invented risk management techniques failed. Yet the crisis ironically demonstrated how much we rely in the modern financial word on risk management and on rating agencies.

Wednesday, 10 March 2010
Crisis will force investors to reassess banking risks in Kazakhstan An interview with RusRating senior analyst Victoria Belozerova on TV K+

The refinancing of debt is a normal, everyday process for banks in any country, but opportunities for doing so are cut back sharply during a crisis. That is what happened in Kazakhstan, where a large portion of bank funding was drawn from the international capital market. The inability to refinance that debt made restructuring inevitable. Political factors made negotiations with investors more complex in the case of Kazakhstan than for, say, Russian banks: cases of less than entirely successful state intervention aimed at “saving” certain major banks were taken as a signal to re-evaluate the associated risks. Even so, the Kazakh market remains attractive for top players in the banking sector. New loans are, of course, a possibility, but regulators [in Kazakhstan] are taking a whole range of steps to open up new funding opportunities for both banks and the real sector, including access to Russian capital and the resources of international financial institutions and the development of a domestic debt market. I expect there will be a process of consolidation, including an increase in the market share of foreign banks, and that can also be seen as normal for a country whose economy has been weakened by the crisis but at the same time has clear prospects for further development.


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