OREANDA-NEWS. National Rating Agency has assigned its ‘A-’ credit rating to UFC Bank PJSC. The outlook for the rating is Stable. It is the first time that the bank is rated by NRA.

The rating is underpinned by the bank’s fairly high-quality loan portfolio, with loans falling into risk categories I and II, its liquid trade portfolio, represented by fixed-income securities included in the Bank of Russia’s Lombard List, and its profitable operations in 2015. The rating is constrained by the single name concentration in UFC Bank ‘s loan book, poor sector diversification of its loan book and guarantee portfolio, as well as the high FX debt-to-total liabilities ratio and the fact that the bank’s revenue in 2015 included predominantly one-off income items. NRA also notes the bank’s weak, albeit strengthening, liquidity position.

United Financial Capital (UFC) Bank Public Joint-Stock Company (formerly known as United Financial Capital OJSC and AMI-Bank Commercial bank LLC ), holder of full banking license No. 2270 and a member bank of the deposits insurance framework, has been in the market since 1993. Its majority owners are Nikolai Yegorov (exerting a strong influence on the bank), Nikolai Gordeev, Alexei Ablogin, Roman Fokin, LADIUS LLC (exerting a strong influence on the bank through Andrei Prokofiev), Extech LLC, OKSIRIA LLC LLC (exerting a strong influence on the bank through Galina Sokolovskaya), and Maxima Lex LLC LLC (exerting a strong influence on the bank through Yulia Korelina). The owners are members of the bank’s Board of Directors and Management Board. UFC-Bank is headquartered in Moscow and operates five branches.

NRA’s analytical products, including ratings and the contents of this press release, are statements of NRA’s independent opinion as of the date they are expressed and not statements of fact or recommendations to make any investment decisions or conduct any stock market transactions. NRA is not responsible for any results obtained from the use of opinions and/or information contained in this press release.

While NRA has obtained information from sources it believes to be reliable, NRA does not guarantee that this information is perfectly correct, complete and accurate, as it does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.