Bank Vozrozhdenie
Bank Vozrozhdenie: Standard and Poor’s Affirmed Credit Ratings at ‘BB-/B’, Outlook ‘Stable’
Bank Vozrozhdenie / Key word(s): Market Report 18.10.2013 / 13:15 --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 18.10.2013 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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@co.voz.ru Internet: www.vbank.ru End of News EquityStory.RS, LLC News-Service --------------------------------------------------------------------- 235236 18.10.2013
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