The credit rating of Vozrozhdenie Bank (hereinafter, the Bank) has been affirmed at BB+(RU) and the rating status has been changed from "Rating under revision: developing" to "Rating under revision: positive" based on the following considerations: (1) ACRA's opinion on the Bank's creditworthiness and financial stability; (2) clearer opinion on the Bank's development strategy, taking into account the expected transfer of control over the Bank (at least 75% of shares) to Bank VTB (PJSC); (3) likely upgrade of the Bank's credit rating in the short term, in view of potential extraordinary support from Bank VTB (PJSC).
The credit rating will be reviewed in the next 90 days, after the abovementioned transaction is closed and ACRA receives updated data material for the Bank's standalone creditworthiness assessment (SCA) and development strategy.
A positive rating action may be prompted by:
A negative rating action may be prompted by:
The withdrawal of the rating status "Rating under revision: positive" may be prompted by:
Standalone creditworthiness assessment (SCA): bb+.
Support: systemic importance is absent.
No outstanding issues have been rated.
The credit rating has been assigned under the national scale for the Russian Federation and is 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 Vozrozhdenie Bank was first published by ACRA on May 29, 2018. The credit rating and the credit rating status are expected to be revised within 90 days following the rating action date (August 24, 2018).
The assigned credit rating is based on the data provided by Vozrozhdenie Bank, information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using IFRS consolidated statements of Vozrozhdenie Bank and statements of Vozrozhdenie Bank composed in compliance with the Bank of Russia Ordinance No. 4212-U dated November 24, 2016. The credit rating is solicited, and Vozrozhdenie Bank participated in its assignment.
No material discrepancies between the provided data and the data officially disclosed by Vozrozhdenie Bank in its financial statements have been discovered.
ACRA provided no additional services to Vozrozhdenie Bank. No conflicts of interest were discovered in the course of credit rating assignment.
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