Affirming the credit rating of Sviaz-Bank (hereinafter, the Bank) at BBB+(RU) with the “Rating under revision: developing” status reflects ACRA’s opinion on the Bank's prospects and possible changes in its standalone creditworthiness assessment (SCA) in the mid-term.
ACRA's decision is based on the fact that the Supervisory Board of Vnesheconombank (AAA(RU), outlook Stable) resolved to merge Sviaz-Bank and GLOBEXBANK.
The ВВВ+(RU) credit rating of the Bank is based on changes in the Bank’s SCA and high likelihood of extraordinary support from Vnesheconombank. The Bank's SCA is relatively low, which is supported by the adequate business profile and moderate capital adequacy of the Bank. The Bank’s rating is affected by the risk profile and funding and liquidity factors. ACRA also notes uncertain future of the business model and long-term strategy of the Bank, as well as financial condition of the Bank after its merge with GLOBEXBANK.
ACRA is of the opinion that the level of shareholder's support will not change in the next 12–18 months, therefore, the adjustment (+4 notches) to the SCA of the Bank remains the same. The further rating dynamics is expected to mainly reflect changes in the Bank’s SCA.
The status "Rating under revision: developing" reflects the need for further information on the terms and conditions of the expected merger, as well as information material for the standalone creditworthiness assessment and the rating of the Bank.
The Agency continues monitoring the current situation and plans to revise the rating status within the next 90 days.
A positive rating action may be prompted by:
A negative rating action may be prompted by:
Removal of the “Rating under revision” status may be prompted by:
Standalone creditworthiness assessment (SCA): bb.
Support: 4 notches up to SCA.
No outstanding issues have been rated.
The credit rating was 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, the Methodology for Analyzing Member Company Relationships Within Corporate Groups, and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.
The credit rating assigned to Sviaz-Bank was first published by ACRA on August 29, 2017. The credit rating is expected to be revised within 90 days following the rating action date (July 25, 2018).
The assigned credit rating is based on the data provided by Sviaz-Bank, information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using IFRS statements of Sviaz-Bank and statements of Sviaz-Bank composed in compliance with the Bank of Russia Ordinance No. 4212-U dated November 24, 2016. The credit rating is solicited, and Sviaz-Bank participated in its assignment.
No material discrepancies between the provided data and the data officially disclosed by Sviaz-Bank in its financial statements have been discovered.
ACRA provided no additional services to Sviaz-Bank. No conflicts of interest were discovered in the course of credit rating assignment.
You will receive an email with a link to change your password
Полное использование материалов сайта разрешается только с письменного согласия правообладателя, АКРА (АО). Частичное использование материалов сайта (не более 30% текста статьи) разрешается только при условии указания гиперссылки на непосредственный адрес материала на сайте www.acra-ratings.ru . Гиперссылка должна быть размещена в подзаголовке или в первом абзаце материала. Размер шрифта гиперссылки не должен быть меньше шрифта текста используемого материала.