OREANDA-NEWS. National Rating Agency has affirmed Promsvyazbank PJSC’s individual credit rating of ‘AA+’.

The rating affirmation reflects the bank’s important role in the Russian financial system, stable liability base and strong liquidity position. We take into account the bank’s efficient risk monitoring and control procedures, strong corporate governance practices and modern organizational structure that helps minimize operational and business risks.

The rating is constrained by the bank’s moderate capital adequacy metrics, low profitability in 2014 and loan quality deterioration (according to Russian Accounting Standards) in the context of the loan book significant increase, caused, in part, by the ruble devaluation. We also note that the customer deposits’ growth rate in 2014 was behind the loan book expansion.