DGAP-News: Bank Vozrozhdenie: Standard and Poor's Affirmed Credit Ratings at 'BB-/B', Outlook 'Stable'
(firmenpresse) - EquityStory.RS, LLC-News: Bank Vozrozhdenie / Key word(s): Market
Report
Bank Vozrozhdenie: Standard and Poor's Affirmed Credit Ratings at
'BB-/B', Outlook 'Stable'
18.10.2013 / 13:15
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Standard&Poor's Ratings Services affirmed Bank Vozrozhdenie
long-term/short-term credit ratings at 'BB-/B' levels on the international
scale and 'ruAA-' on the national scale. The outlook confirmed as 'Stable'.
'We really appreciate that Standard&Poor's Ratings Service has positively
assessed the bank's soundness and business perspectives amid such
vulnerable environment as well as recognized our rigorous approach to the
risk management. Problems with particular loans are practically inevitable
but our pro-active stance on the work with target client segments and
proved ability to earn non-interest income help to maintain comfortable
level of operating profit supporting proper capital position. Solid
liquidity cushion ensure due fulfillment of obligations to all our
partners,' - commented Andrey Shalimov, Deputy Chairman of the Management
Board.
Rating agency analysts outlined V.Bank's sustainable earnings power in its
core banking business and moderate risk appetite that will contribute to
reverting earnings to normalized levels and stabilizing capitalization.
Modest exposure to cyclical sectors, such as real estate, in the corporate
portfolio and focus on less-risky mortgage loans in retail one will
mitigate further asset quality problems.
'Although Bank Vozrozhdenie's asset quality has recently deteriorated
moderately, due to one-off problem loans, and earnings are pressured by
higher credit costs and tougher market competition, we believe that the
bank's underwriting track record and risk appetite is better than the
Russian banking system average and that its provisioning policy is more
conservative than those of many of its Russian peers', commented Sergey
Voronenko, analyst of Standard&Poor's Ratings Services.
The rating could be positively influenced by sustainable improvement in
capitalization and business diversification levels amid enhanced market
position, while maintaining asset quality at levels not worse than the
industry average. The negative rating action could be taken in case of
material deterioration of the bank's risk profile and significant lowering
of capitalization levels resulted from structural weakening of the earnings
power.
End of Corporate News
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Language: English
Company: Bank Vozrozhdenie
7/4 Luchnikov Pereulok, bldg. 1
101990 Moscow
Russia
Phone: +7 (495) 777-0-888
Fax: +7 (495) 620-1999
E-mail: vbank(at)co.voz.ru
Internet: www.vbank.ruEnd of News EquityStory.RS, LLC News-Service
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Datum: 18.10.2013 - 13:15 Uhr
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