ACRA downgrades «Public bank» (JSC) to D(RU) and withdraws the credit rating due to revocation of the Bank’s banking license

ACRA has downgraded the credit rating of «Public bank» (JSC) to D(RU) and subsequently withdrawn it in connection with Bank of Russia Order No. OD-1174 dated July 24, 2020 on revoking the banking license of «Public bank» (JSC).

Regulatory disclosure

The credit rating has been 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 the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating assigned to «Public bank» (JSC) was first published by ACRA on May 17, 2018.

The credit rating was assigned based on the data provided by «Public bank» (JSC), information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of «Public bank» (JSC) and the financial statements of «Public bank» (JSC) drawn up in compliance with Bank of Russia Ordinance No. 4927-U dated October 8, 2018. The credit rating is solicited.

No material discrepancies between the provided information and the data officially disclosed by «Public bank» (JSC) in its financial statements have been discovered.

ACRA provided no additional services to «Public bank» (JSC). No conflicts of interest were discovered in the course of credit rating assignment.

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