Fitch upgrades long-term credit rating of CREDIT BANK OF MOSCOW from 'BB-' to 'BB'
On November 11, 2013 Fitch Ratings upgraded CREDIT BANK OF MOSCOW's Long-term Issuer Default Rating from 'BB-' to 'BB', Viability Rating from 'bb-' to 'bb', National Long-Term Rating from 'A+(rus)' to 'AA-(rus)', Senior unsecured debt from 'BB-' to 'BB' and Subordinated debt from 'B+' to 'BB-'. Other Bank's ratings are affirmed: Short-term IDR at 'B' and Support Rating at '5'. The ratings outlook is stable.
According to Fitch, factors that positively influenced the Bank's assessment were the extended track record of better-than-peers asset quality, profitability and capitalization, the reduced concerns about the quality of CBM's capital and the broadening of the Bank's franchise and client base on both sides of the balance sheet.
“High rating assessment gained from Fitch Ratings became another acknowledgement of the effectiveness of our corporate strategy. The second rating upgrade by the international rating agencies taking place during this quarter will definitely have a positive influence on our Bank's perception among investors worldwide and on the implementation of the Bank's plans including plans in the international capital markets” - commented Chairman of the Management Board Vladimir Chubar.
More detailed information about CREDIT BANK OF MOSCOW's rating upgrade can be found on Fitch web-site: fitchratings.com.