06.09.16. Moody’s confirmed the credit rating of JSCB NOVIKOMBANK at the level of B2 with developing outlook.
Rating agency Moody’s Investors Service confirmed the long-term credit rating of JSCB NOVIKOMBANK in local and foreign currency at the level of B2 and baseline credit assessment at the level of caa1. In addition, the agency confirmed the short-term credit rating of the Bank Not-Prime and its baseline credit assessment at the level of caa1, long-term rating “Risk assessment of counterparty” – at the rate of B1 (CR), short-term assessment - Not-Prime (CR).
All ratings have developing outlook.
The above mentioned rating actions are the result of reconsideration of the Bank’s rating initiated by the agency Moody’s on the May 23rd, 2016.
According to Moody's, confirmation of the baseline credit assessment of JSCB NOVIKOMBANK at the level of caa1 is due to stabilization of the situation with the increase of the Bank’s capital in connection with the capital increase program implementation by the main shareholder Rostec as well as accumulation of the whole scope of financial contribution within the framework of financial restructuring of OJSC FUNDSERVICEBANK.
Confirmation of the long-term credit rating of the Bank at the level of B2 is caused by the high probability of state support in the case of necessity due to the great strategic importance of JSCB NOVIKOMBANK for Rostec that became the 100% owner of the Bank in July 2016.