RusRating upgrades the credit rating of CREDIT BANK OF MOSCOW to "BBB", outlook "Stable".
11.07.2011
On 5 July 2011 RusRating upgraded the credit rating of CREDIT BANK OF MOSCOW from “BBB-“, outlook “Positive”, to “BBB”, outlook “Stable”.
According to RusRating analysts, the rating upgrade reflects substantial increase of the Bank’s market share and the growing diversification of its business against the background of broadly stable financial indicators. Solid financial backing from the owner of the Bank was also an important factor.
Among other rating support factors, RusRating specified good asset quality of the Bank, stable relationships with core corporate clients and steady development trends.
CREDIT BANK OF MOSCOW is also rated by international rating agencies Fitch Ratings and Moody’s Investors Service. In June 2011 Fitch Ratings affirmed CBM’s ratings as follows: Long-term Issuer Default Rating (IDR) — at ‘B+’, Short-term IDR — at ‘B’, Individual Rating — at ‘D’, Support Rating — at ‘5’ and National Long-term Rating — at ‘A- (rus)’. Outlook was affirmed as ‘Stable’. In September 2010 Moody’s Investors Service affirmed CBM’s rating with simultaneous outlook upgrade: strength rating (FSR) — ‘E+’, long-term global & local currency deposit rating — ‘B1/NP’ and long-term national scale credit rating — ‘A2.ru’. Outlook – ‘Stable’.