Training on banks and NBCOs, January 30–31

ACRA assigns the status “Rating under revision: negative” to the credit rating of Joint Stock Commercial Bank "Interprombank"

Assigning the status of “Rating under revision: negative” to the credit rating of Joint Stock Commercial Bank "Interprombank" (hereinafter, the Bank) reflects ACRA’s opinion on a potential change in the Bank’s standalone creditworthiness assessment (SCA) in the short term.

The B-(RU) credit rating of the Bank reflects the satisfactory assessments of its business profile and funding and liquidity positions, weak capital adequacy assessment, and critical risk profile assessment.

Key rating assessment factors

In the Agency's opinion, the arrest of D.P. Mazurov (shareholder of the Bank, according to official data) on the alleged fraud may impair the creditworthiness of the Bank. Higher reputational risks, being a negative factor in itself for Bank's SCA, may also lead to a partial loss of the client base, an accelerated outflow of client funds and, as a consequence, a downgrade in the Bank's liquidity position assessment. As of June 01, 2019, the Bank complied with the minimum regulatory liquidity standards with a significant margin, however, ACRA does not excludes that in a situation of a significant outflow of client funds, with their high concentration on the largest lenders, the Bank's liquidity reserve may not be sufficient to meet the emerging claims without the support from shareholders. Further decrease in the quality of the Bank's loan portfolio remains a significant factor in the possible deterioration of the Bank's creditworthiness assessment.

The rating status "Rating under revision: negative" reflects the need for information on the effects of additional risks on the Bank's financial standing, including the liquidity position. The Agency has plans to review the rating status within the next 90 days.

Key assumptions

  • The current operating support from shareholders will not change.

Potential outlook or rating change factors

Removal of the status “Rating under revision: negative” may be prompted by:

  • The Bank's successful management of its resource base and liquid assets;
  • Shareholder's support in the form of capital injections and funding.

A negative rating action may be prompted by:

  • Reputational risks affecting the Bank's operations;
  • Deteriorating liquidity position;
  • Declining capital adequacy ratios;
  • Growing volume of problem assets.

Rating components

SCA: b-.

Adjustments: none.

Support: no.

Issue ratings

No outstanding issues have been rated.

Regulatory disclosure

The credit rating was assigned under the national scale for the Russian Federation based on the Methodology for Credit Ratings Assignment to Banks and Bank Groups under the National Scale for the Russian Federation and the Key Concepts Used by Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating assigned to Joint Stock Commercial Bank "Interprombank" was first published on July 16, 2018. The credit rating is expected to be revised within 90 days following the publication date of this press release.

The credit rating was assigned based on the data provided by Joint Stock Commercial Bank "Interprombank", information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of Joint Stock Commercial Bank "Interprombank" and the financial statements of Joint Stock Commercial Bank "Interprombank" drawn up in compliance with Bank of Russia Ordinance No. 4927-U dated October 8, 2018. The credit rating is solicited, and Joint Stock Commercial Bank "Interprombank" participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by Joint Stock Commercial Bank "Interprombank" in its financial statements have been discovered.

ACRA provided additional services to Joint Stock Commercial Bank "Interprombank". No conflicts of interest were discovered in the course of credit rating assignment.

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