OREANDA-NEWS. April 6, 2011. According to Elena Nikolayenko, the Agency’s Director of Methodology, the change in outlook reflects risks associated with the non-transparent sale of shares by the Bank’s principal beneficiary owner.

The rating itself is based on membership in a larger financial group coupled with reduced dependence on friendly funding sources; solid ties to a circle of regular corporate clients; an established business; and stable post-merger development trends.

Constraining factors include the significant percentage of on-call obligations; the comparatively low transparency of business processes involving affiliated parties; a possible increase in credit risks; and substantial operating costs.