Moody's upgrades Credit Bank of Moscow's ratings.
New York, May 04, 2007 – Moody's Investors Service published the rating results for banks in Russia as part of the application of its refined joint default analysis (JDA) and updated bank financial strength rating (BFSR) methodologies.
Credit Bank of Moscow's rating outlook was upgraded from 'Stable' to 'Positive' and its national scale credit rating from A2.ru to A1.ru.
This upgrade reflects "CBM’s niche franchise focused on providing a full range of banking services to trade companies and offering a variety of lending and saving products to the public, as well as by its good financial indicators", notes the agency in its Credit Opinion.
This upgrade follows the recent 'Stable' to 'Positive' upgrade by Fitch and reflects Credit Bank of Moscow's recent improvements, such as capital increase by the shareholders and subordinated debt by EBRD, total assets exceeding US$1 bln, wider point of sale network, industry highest diversification of the loan portfolio and lowest related party exposure, diversified funding as it issued its debut Eurobond, and other achievements that give a new quality to its credit standing.