Bank News

Standard & Poor’s: Credit Rating 'BВВ+' of the Russian Bank for Development is affirmed; the outlook for changing of the local currency rating 'BВВ+' is determined as "Positive"

24 Декабря 2007

20 December 2007, Standard & Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term issuer credit ratings on the Russian Bank for Development (RBD). Simultaneously Standard & Poor's removed RBD’s long-term local currency rating from the CreditWatch list ("for upgrading"), where it had been placed on 31 July 2007 with outlook positive. The outlook for further changing of RBD’s long-term local currency rating is "Positive". The outlook for changing of RBD’s long-term foreign currency rating is "Stable".

The decision to include RBD’s long-term local currency rating into a number of ratings with the positive outlook and remove it from the CreditWatch list was conditioned by the fact that the Law "On the Bank for Development", which was enacted in May 2007 and should come into force, as it was initially expected at the end of 2007, actually will come into force during 2008. As a result RBD will either become a subsidiary of Vnesheconombank (VEB; foreign currency rating: ВВВ+/stable/А-2; local currency rating: А-/stable/А-2), or will be completely incorporated with VED till late 2008. In both cases it is expected that obligations initially taken by RBD will be discharged by VEB.

Meanwhile RBD is continuing to demonstrate perfect financial performance and receive substantial support from the RF Government (foreign currency rating: ВВВ+/stable/A-2; local currency rating: А-/stable/A-2). The Bank obtains high capital adequacy ratio (as of 2006 year-end coefficient "equity/assets" was 29%, and coefficient "equity/outstanding loans" - 47, 5%) and high level of liquidity. Termination of the RF Government guarantees of loans which RBD extends to small and mid-sized enterprises will not materially affect the quality of the Bank’s loan portfolio.

Outlook
 
Outlook "Positive" on the RBD’s long-term local currency rating reflects our opinion that the scheduled partial or complete incorporation with VEB will ultimately contribute to the RBD’s creditworthiness.



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