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S&P Revised Credit Rating Outlook on CREDIT BANK OF MOSCOW from Negative to Stable

24.07.2017

21 July 2017 Standard & Poor’s revised its credit rating outlook on CREDIT BANK OF MOSCOW from negative to stable and affirmed its long- and short-term counterparty credit ratings at ‘BB-/B’.

The rationale for the outlook revision from negative to stable was the Bank’s strengthened capital and improved loan portfolio quality on the back of its strong market positions and access to international capital markets. In particular, the Agency appreciated the Bank’s issue of US$ 700 mln perpetual subordinated Eurobonds in May of this year and noted that it is "one of few Russian banks enjoying access to the external capital markets".

The stable outlook reflects the Bank’s ability to maintain, in the next 12 months, adequate capitalisation and existing asset quality amid the challenging operating environment in Russia.