OREANDA-NEWS. August 10, 2009. Despite the continued weakness in the global economy and the banking sector Fitch Ratings affirmed Long-term Issuer Default Ratings of LOCKO-Bank at ‘B’ with a Negative Outlook, reported the press-centre of LOCKO-Bank.

The newly published credit opinion states that the current rating of LOCKO-Bank reflects on the reasonable level of NPLs, acceptable liquidity position maintained by the Bank despite a major repayment of wholesale indebtedness in June-July 2009 as well as a comparatively strong capital adequacy ratio. It was also noticed that Locko's remaining wholesale funding repayment schedule is rather manageable. However, the rating is constrained by the existing prospect for further asset quality deterioration and potential market risks due to the growth of the Bank’s securities portfolio.

“Fitch chose to confirm LOCKO’s rating despite the severity of the current economic downturn and uncertainty about the future. Indeed, its decision is greatly important to us as it proves LOCKO-Bank’s goals and strategy right,” said Mr. Mikhail Pavlov, Deputy Chairman of the Executive Board. “Difficult challenges lie ahead, but we are convinced that LOCKO-Bank will weather the storm and emerge as an even stronger financial institution. “