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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).

Wednesday, 23 July 2014
RusRating has lowered M Bank’s credit rating from “BBB-” to “BB-” on the national scale and from “BB-” to “B-” on the international scale, in both cases with a negative outlook

According to the agency, the rating cut mainly reflects high regulatory risks. This assessment is based on:

  • high credit risks arising from unsecured financing for investment projects, which increase the risk of inability to meet obligations (of which more than 60% are retail deposits);
  • minimal loan provisions insufficient to cover the above risks and high loan concentration by individual borrower; and
  • low capital adequacy in terms of ability to cover current risks and assume new risks.
Tuesday, 15 July 2014
RusRating has lowered M Bank’s credit rating from “A-” to “BBB-” on the national scale and from “BB+” to “BB-” on the international scale, in both cases with a negative outlook.

According to the agency, the rating cut and change in outlook reflect an increase in reputation and regulatory risks coupled with negative public reports about the entire banking group. M Bank’s ratings are also under pressure from increased risks to liquidity due to the larger role played by retail deposits and reduced scope for re-allocating liquidity across the group. There are also grounds for concern about client loans, which centre on unsecured financing for investment projects and are not (in RusRating’s view) adequately covered by loan provisions. In addition the Bank’s return on core operations is low as costly retail deposits are the main source of financing for asset-side operations.

RusRating has also placed M Bank on its watch list, which means that further revisions to the ratings or rating outlooks (both favourable and unfavourable) are possible, depending on what additional information is provided by the Bank or emerges in public sources.

Monday, 07 July 2014
RusRating has cancelled the credit rating of Sobinbank

RusRating has cancelled the credit rating of Sobinbank (“BBB+” on the national scale and “BB” on the international scale, in both cases with a stable outlook) following expiration of the Bank’s rating contract.


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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