OREANDA-NEWS. March 30, 2010. International Rating Agency Fitch Ratings Ltd. has inscribed ratings of PSCB, OJSC in Rating Watch "Positive" on March, 5th  2010, equally with ratings of 12 leading Russian banks.

Table 1 – Ratings by Fitch Ratings Ltd.,

affirmed on 5th March  2010

Rating

Value

Long-term IDR

"B-",  placed on Rating Watch Positive

Short-term IDR:

affirmed at 'B'

 

National Long-term Rating:

 

'BB-(rus)'; placed on Rating Watch Positive

Individual Rating:

D/E'; placed on Rating Watch Positive

Support Rating:

 

affirmed at '5'

Support Rating Floor:

 

affirmed at

'No floor'

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the official press-release, issued on the 5th March, 2010 Fitch Ratings Ltd. the final decision about exclusion from Rating Watch and potential improvement of rating values will have been made after current financial positions and perspectives on each bank separately (as well as PSCB, OJSC). In the majority of cases the raising of rating will be bound by only one level. Fitch is expecting to accomplish such an analysis within the three next months.

In the opinion of the PSCB management, improvement of global and national ratings and rating forecasts of PSCB contributes to improvement of clarity and openness of the Bank for international investors,  improvement of international business alliances of the Bank and attraction of long-term financial resources and  credit lines from international creditors with more beneficial conditions, which also gives evidence  about raising of reliability of the Bank.

Fitch has placed the ratings of the following 13 banks, which previously had Stable Outlooks, on RWP: Alfa-Bank (‘BB-’), MDM Bank (‘BB-’), Nomos-Bank (‘B+’), Evrofinance Mosnarbank (‘B’), International Industrial Bank (‘B’), National Reserve Bank (‘B’), Roseurobank (‘B’), Centrocredit Bank (‘B-’), Chelindbank (‘B-’), Petersburg Social Commercial Bank (‘B-’), Bank Rossiya (‘B-’), Russian Universal Bank (‘B-’) and SDM-Bank (‘B-’). The positive rating watches reflect Fitch’s expectation that a majority of these banks’ ratings will be upgraded following the completion of the reviews.

Since the end of 2009 the official Bank`s auditor on RAS and IFRS has been the auditing company Moore Stephens (from 2003 till 2009 the official Bank`s auditor was PricewaterhouseCoopers). OJSC, PSCB was registered on October 29, 1993 (General License of the Central Bank of the Russian Federation №2551 of May 25, 2006).  PSCB has been a participant of the Deposits Insurance System since 18th November 2004.  PSCB participates in the State Deposits Insurance Scheme (registration No. 177 under the Register, date of registration: 18 November 2004).  Since September, 14th 2007, RenFin Fund, investment fund of the company Renaissance Investment Management (international investment-banking group Renaissance Group, http://www.renaissancegroup.com/) has been an international shareholder and has acquired 20% of voting shares of Petersburg Social Commercial Bank, OJSC minus 1 share from its present shareholders). 

There should be noted that PSCB, OJSC has the following global and national ratings, confirmed by International Rating Agency Moody's Investors Service Inc. in 2009:

The Strategy Business Development of PSCB, OJSC for 2008-2011 presupposes reinforcement of the Bank`s position in the market of financial services of Northwestern Federal District RF, further boost of market share, in Saint-Petersburg and Leningrad Region in particular.

Consequently, one of the most important the Bank`s task appears to be development of strategic alliances with reliable international banks-partners and participation of PSCB, OJSC in specialized programs held by international financial organizations in the territory of Russia, which enables our Bank to improve banking products and services constantly and render our clients – organizations and private clients – new financial solutions with more lucrative conditions  taking into account best international banking practices.