OREANDA-NEWS. November 13, 2010. The rating agency Moody’s Investors Service changed from negative to stable the outlook on long-term deposit and senior unsecured debt in local currency of Renaissance Credit, the banking brand operated by Commercial Bank “Renaissance Capital” (LLC), a retail banking business of Renaissance Group. Currently, Renaissance Credit has a Moody’s Investors Service B3 rating.

“We are pleased that Moody’s analysis of Renaissance Credit’s activities for the first half of 2010 has led the agency to recognise the bank’s stability, which has been achieved through increasing the quality of the bank’s credit portfolio, diversifying sources of funding, increasing operational effectiveness and taking innovative approaches to sourcing new client channels and developing products,” said Alexey Levchenko, CEO of Renaissance Credit.

Moody’s is the third rating agency to acknowledge Renaissance Credit’s achievements in 2010. In April, Fitch Ratings raised its long-term issuer default rating in local currency to B- with a stable forecast. This month, Standard & Poor’s also confirmed Renaissance Credit’s rating as B- and raised its forecast to stable.