Standard & Poors Raises Vneshprombank Short-Term Rating
OREANDA-NEWS. January 30, 2013. Standard & Poor’s has raised Vneshprombank's short-term rating from C to B, and confirmed its long-term rating of B and the bank's national-scale rating of ruA-. The rating change forecast is stable. According to the agency’s analysts, Vneshprombank is a mid-sized lending institution with a total asset volume of RUB 113 billion (as of December 1, 2012, according to Russian GAAP); the increased short-term rating reflects the agency’s estimation of Vneshprombank’s liquidity as strong, as well as the perception that the bank’s conservative practice in liquidity management will not change in 2013. Additionally, according to S&P’s press release, its analysts consider that Vneshprombank is characterized by higher liquidity rates compared to similar Russian banks rated by the agency. It is worth recalling that since Vneshprombank began operations (July 1995), it has opened more than 70 sales offices throughout Russia. In addition to S&P’s ratings, Vneshprombank was assigned the following credit ratings by Moody’s Investors Service: the long-term credit rating level is В2, the short-term depository rating is Not Prime, and the financial stability rating is at the level of Е+. The national scale rating is ВAA1.ru. The forecast for all ratings is stable. As of Q3 2012, Vneshprombank is in 48th place regarding the amount of assets in the Interfax 100 ranking by Interfax CEA. The bank is included in the endowment insurance system.
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