Fitch Affirms Rosbank's Rating
OREANDA-NEWS. July 21, 2014. International Rating Agency Fitch Ratings has affirmed Rosbank’s rating actions as follows:
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook Negative;
Long-term local currency IDR: affirmed at 'BBB+'; Outlook Negative;
Short-term foreign currency IDR: affirmed at 'F2';
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable;
Viability Rating: affirmed at 'bb+';
Support Rating: affirmed at '2';
Senior unsecured market linked securities: affirmed at 'BBB+(emr)';
Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)';
Senior unsecured debt: affirmed at 'F2'.
The Bank’s IDR and senior debt ratings are constrained by the Russian Country Ceiling of 'BBB+'. Previously revised Outlook on the IDRs to Negative on 24 March 2014 remains to be unchanged and reflects the Negative Outlook on the sovereign. Russia's Country Ceiling captures transfer and convertibility risks and limits the extent to which support from the foreign shareholders of these banks can be factored into their Long-term foreign currency IDRs. The banks' Long-term local currency IDRs, where assigned, also take into account Russian country risks.
The affirmation of Support Rating at '2' reflects Fitch's view that SG will continue to have a strong propensity to support Rosbank given the strategic importance of the Russian market for the parent, the high level of operational and management integration between Rosbank and SG, majority ownership and common branding.
The affirmation of Rosbank VR at 'bb+' reflects the limited changes in the Bank’s standalone credit profile since its last review in July 2013.
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