OREANDA-NEWS. March 30, 2012. Moody’s Investors Service has today upgraded the long-term local and foreign currency debt and deposit ratings of Commercial Bank Renaissance Capital LLC to B2 from B3. The outlook on the long-term rating is stable.

The rating action was driven by improved funding mix which enhances the Banks’s liquidity position; growth of the bank’s loan book to almost pre-crisis levels, which has enabled it both to restore revenue generation power and to improve profitability and stronger underwiring standards which resulted in an improvement in the bank’s asset quality.

In Moody’s view, the current funding base better positions the bank to withstand liquidity shocks. Moody’s also notes that Renaissance Credit profitability has improved significantly as a result of the rise in revenue stream due to expansion of bank’s operations and improving risk standards.

Alexey Levchenko, Chief Executive Officer, Renaissance Credit, commented: “We are very pleased with Moody’s recognition of Renaissance Credit’s achievements, including funding diversification and high-quality risk management. Today, Renaissance Credit is more profitable and efficient than in 2008, with a strong liquidity cushion that enables our loans business to develop rapidly. At the same time, maintaining the high asset quality we have achieved remains our key priority.