Moody’s ups SKB-Bank’s rating
21 December 2007 (09:17)
Moody’s Investors Service raised SKB-Bank’s B2/Not Prime deposit rating outlook in terms of both ruble and foreign currency deposits from Stable to Positive. The bank’s financial stability rating was confirmed at E+ with the Stable outlook. At the same time, Moody's Interfax (controlled by Moody’s Investors Service) promoted SKB-Bank’s long-term credit rating from Baa1.ru to A3.ru.
The new improved ratings and rating outlooks stem from SKB-Bank’s better position on Sverdlovsk Region market and its gradual expansion into the nearby regions as well as the good quality of its assets, diversified resource base and better corporate and risk management.
'After the European Bank for Reconstruction and Development bought 25.99% of SKB-Bank’s shares in May 2007, the bank’s capital adequacy has improved greatly. In addition, we expect the EBRD to make it easier for SKB-Bank to access the additional resources needed for the implementation of their development strategy,’ says Olga Ulyanova, Moody’s Junior Vice President.
The new improved ratings and rating outlooks stem from SKB-Bank’s better position on Sverdlovsk Region market and its gradual expansion into the nearby regions as well as the good quality of its assets, diversified resource base and better corporate and risk management.
'After the European Bank for Reconstruction and Development bought 25.99% of SKB-Bank’s shares in May 2007, the bank’s capital adequacy has improved greatly. In addition, we expect the EBRD to make it easier for SKB-Bank to access the additional resources needed for the implementation of their development strategy,’ says Olga Ulyanova, Moody’s Junior Vice President.
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