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S&P upgrades Credit Bank of Moscow to BB- on reassessment of systemic importance, outlook stable

09.10.2013

Standard & Poor’s Ratings Services, one of the world’s leading rating agencies, has upgraded Credit Bank of Moscow’s long-term credit rating to BB- with stable outlook.

CBM’s short-term credit rating on the global scale remained unchanged at B, while the Bank’s long-term credit rating on the Russian national scale has been upgraded to RuAA-.

According to the rating agency, reassessment of CBM’s systemic importance from ‘low’ to ‘moderate’ in line with the increase of the Bank’s market share became the rationale behind the ratings upgrade.

«We are very pleased with the rating upgrade following up a stable continuous development of the Bank. Strict compliance with the outlined strategy, entailing strengthening of the Bank’s market position, uplift of the asset quality and profitability evidencing quality of the Bank’s management on consistently high level, together with the rising appeal of the Bank for international investors were fairly estimated by the rating agency, — commented Chairman of the Management Board Vladimir Chubar. — This rating action was accompanied by the successful placement of additional shares among the Bank’s current beneficiaries, proving that the positive view on the Bank’s further development is based on an unbiased expertise.»